- Bitcoin breaks $39k resistance level, gears to $40k
- Crypto analysts predict Bitcoin’s continues bullish rally
In terms of market position, BTC market capitalization amounts to almost $800 billion, a whopping amount suited for a king. In addition, the average trading volume of BTC amounts to over $50 billion, a number in favor of the bulls.
Based on the graph, BTC manages to smash every resistance level that stands in its way. Today, BTC breaks another resistance level amounting to $39k, a level favored by investors.
If this bullish trend continues, reaching the bullish price of $40k will not be a big deal for the crypto. In particular, the $40k will give BTC a growth rate of +46% from its $28k price on January 4.
Best of all, BTC’s price could even go beyond $40k and rally its price towards the bullish price of $50k. Of course, this is most likely to happen if the investors continue to stay with BTC.
In terms of trading, the crypto price resides above the Fibonacci level of 0.236, an uptrend position. In other words, scalp and day traders can continue buying, selling, and trading their assets with confidence.
When it comes to swing and position traders, crypto analyst predicts that BTC is not done with its bullish rally. In short, these traders can continue to buy and HODL their crypto without worrying about a price nosedive.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.