Bitcoin Price To Hit $450K
Bitcoin price experienced one of the worst crashes ever in history which drained out a huge chunk of price. Nevertheless, it could manage the trembled situation and bounced back above $40,000 despite certain pullbacks.
No doubt the price is forecasting extreme volatility, yet many believe the current phase would ease off soon. And moreover, the BTC price is expected to rebound soon and eventually attain the price target set at $100K.
On the contrary, some analysts believe the bullish trend would rally the price more than $300K. Analyst Michael van de Poppe, is very bullish on bitcoin and also predicted the price of few other altcoins too.
BTC Price Analysis
Bitcoin initiated this week’s trade with a bearish note, plunging to the lowest ever levels close to $31,000. However, without wasting much time, the price rose quickly and hit $40.000 but could not sustain. Yet the price kept on consolidating for a day in between $36,000 and $38,500 and eventually surpassed $40K.
The price bounced above the 20-day MA and rallied above the levels successfully. The prime focus currently would be to close the daily trade above $40,000 to keep the bullish momentum intact. Else it may revisit the lower levels, however, the probability appears to be less yet not vanished.
At the time of writing the Bitcoin price is $39.700 with a jump of 6.58% in the past 24 hours. The price needs to hit the upper resistance levels around $42,385 and avoid plunging to the support levels that lie around $35,000. Nevertheless the market sentiments and the indicators are extremely bullish and hence a pretty massive rally may be expected for BTC price soon.