Bitcoin price after an extended consolidation underwent a magnificent rally which pushed the price above $40K for some moments. But with the start of the fresh trade, the BTC price slashed with a notable margin. Also, the discard of the Amazon rumours also fueled the plunge, yet was able to recover to some extent.
The price dropped below $37K for some time, yet reclaimed the positions within a very short time frame. Despite the narrow and sideways trend, the BTC price is expected to hit $100K but only when certain conditions are met. A popular analyst il Capo of $NOIA says that $40K to $41K is the major resistance level. And the price will hit $100k if these levels are broken and retested 3 times.
The analysts further say that these levels will be broken soon and this is when the price could fly high towards $100K. The theory may come out to be true but only if the price sustains above $41K strongly. Interestingly, the price still remained above the 50-day MA and bounced back during the recent dump.
If the theory of the analyst goes correct, then the bitcoin price could shoot now as it is the third time the price has rejected $40K. And a substantial correction could push the BTC price close to the crucial levels around $44,600. However, the market sentiments appear to have flipped to some extent and hence a substantial surge may be fast approaching.