The post Bitcoin Might See 10% Rally Soon ! Will BTC Price Hurge Above $40K in December? appeared first on Coinpedia Fintech News
Bitcoin (BTC), the leading cryptocurrency, ended November with a 10 percent gain, extending its bullish trend from October. Despite regulatory pressures in the United States, Bitcoin has managed to maintain its upward movement. However, it has faced resistance in surpassing the $38,300 mark over the last three weeks.
$BTC All eyes on the 38k Crucial Resistance..
Once the Daily Candle closes above the 38k Resistance, another +10% Bullish Rally will kick in soon.#Crypto #Bitcoin #BTC pic.twitter.com/0dhvy4pnVu
— Captain Faibik (@CryptoFaibik) December 1, 2023
According to the technical analysis by the renowned crypto analyst Captain Faibik, Bitcoin has been forming an ascending triangle pattern, with a critical upper border around $38,000. If Bitcoin consistently closes above this level in the coming days, Captain Faibik predicts a potential rally exceeding 10 percent. Conversely, a failure to breach this threshold could lead to a drop, with strong support anticipated around $33,266, potentially leading to a period of horizontal consolidation.
Amidst these fluctuations, institutional investors like MicroStrategy continue to show confidence in Bitcoin. The company has consistently applied a dollar cost averaging (DCA) strategy throughout the 2022 bear market, underscoring a long-term commitment to digital assets.
The Altcoin Market’s Prospects:
Captain Faibik also highlights the altcoin market, which is poised for a breakout, potentially reaching a market capitalization of $800 billion. This growth is supported by early signs of Bitcoin’s diminishing market dominance and increased investor interest in altcoins, as evidenced by on-chain data.
A significant factor in this altcoin resurgence could be Ethereum (ETH), with an ETH/USD breakout above $2,136 signaling a broader market rally.
However, traders are advised to exercise caution due to the potential for a flash sell-off before Bitcoin’s fourth halving. The expected launch of a spot Bitcoin ETF in the United States could trigger market volatility, exemplifying the common ‘buy the rumor, sell the news’ trend observed in the past year.
#PriceAnalysis #Bitcoin [Source: Coinpedia]