The post Bitcoin Price Target of $40,000 Has Been Activated: Here’s When It Might Be Attained appeared first on Coinpedia Fintech News
The Bitcoin bulls appear to be becoming stronger and stronger every day. The price has been up for the fifth week in a row, for the first time since the bull market. The daily RSI had held the critical zone and sought a quick bounce that enabled the price to reach the interim highs. With this, the BTC price rose above the threshold, which may trigger a strong bull run in the coming days.
In the short term, the Bitcoin price rebounded finely after reaching immediate support levels around $35,400, reaching beyond $37,800. On the other hand, the Bitcoin bear market appears to have reached its climax as the MVRV Z-score has risen in the positive range. Previously in history, whenever the levels rose from the negative range, the BTC price triggered a fine bull run. With this, the target for the Bitcoin price of $40,000 has been activated, but will it reach it before the end of the month?
The BTC price is in the mid of a retracement after it faced a rejection from the highs close to $38,000. As the RSI is bearish, a short-term pullback to the immediate support is quite possible, which may trigger a strong rebound back towards $38,000. The bulls here are expected to display acute strength, which may clear the path towards $40,000. Besides, the open interest and funding rates are considerably lower. And hence, the token has formed a better and healthier base compared to last week.
Alongside, the Bitcoin spot premium has been mostly stable despite the big move recorded during the previous day’s trade. This indicates a good amount of spot bids and not a long chase into these yearly highs. Therefore, it indicates that the investors are keen on holding a position in the event that the ETF gets approved. Collectively, bullish flags have been fluttering over the Bitcoin (BTC) price rally, flashing the possibility of sustaining a healthy upswing until the end of the month.
#PriceAnalysis #Bitcoin [Source: Coinpedia]