Bitcoin

Is Bitcoin Price Hinting Towards a Relief Rally? Here Are the Next Target Levels

On Thursday, Bitcoin and the larger crypto market had a mixed start to the day. While BTC price held a 46.86 percent share of dominance, the bulk of altcoins were still looking for direction in the cryptocurrency market.

Where will Bitcoin Price head next?

Bitcoin has built a base above the $32,000 level, signaling the start of a new uptrend. The king coin climbed back through to $33,000 levels, avoiding the first key support level at $32,000, to limit the morning losses. It then broke through the $33,500 resistance to enter the positive zone.

BTC Price anticipated rising to $36,500 or possibly $37,000 in the near future. On the upside, the $36,200 level serves as an early resistance. The main resistance level is at around $37,000. Any further gains might push the price up to $38,000.

If bitcoin fails to break through the $36,200 or $37,000 resistance levels, it may begin a downtrend. On the downside, the $34,500 level provides immediate support. Near $34,000, the next big support is found. It should stay away from support levels below $30,000. Near $33,500, the primary support is formed. At $30,500, the second key support level, the downside should be limited.

Also Read : When Is The Best Time To Buy Bitcoin & Altcoin?

we could see a break higher once the current retracement ends and the market moves to the $37,500 resistance. In this scenario, the next resistance area is seen around $40,000-$42,000. If it breaks, Bitcoin price could see a lot more upside over the following weeks.

PlanBs S2F Put to Test?

PlanB originally predicted that BTC would surpass $100,000 by the end of 2021 using the S2F model. Between 2021 and 2024, S2FX, a variant of S2F, predicts that the highest crypto would surpass $288,000. 

According to a poll conducted by PlanB himself among his followers, 40.7 percent of crypto investors predict Bitcoin would remain below the six-digit mark before December 2021.

Tags
Show More

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Related Articles

Back to top button
Close
Close