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.