- Bitcoin has broken through $37k resistance level.
- Moreover, the bullish BTC price prediction in the first quarter of 2021 is up to $40k.
Bitcoin continues to entertain investors with its aggressive performance in the crypto world. Recently, Bitcoin recovered from its $23k bearish dip and smashed its $37k resistance level. As a result, investors are now looking forward to Bitcoin to reclaim its $40k bullish position.
Aside from its bullish performance, the market capitalization of Bitcoin also breaks the $700 billion mark. In other words, Bitcoin remains to be the king of crypto in terms of mass adoption. For this reason, Bitcoin stayed as one of the favorite cryptos in the financial world and considered as one of the profitable cryptos in 2021.
With this performance of Bitcoin, do you think it will regain its $40k bullish position? Let us find out in this BTC price prediction 2021 article.
BTC Price Analysis and Prediction
Based on the graph above, BTC continues to side with the bullish market. Currently, BTC trades a high price of $37k above the Arnaud Legoux Moving Averages (ALMA). In addition, this price level of the crypto has a growth rate of +10.2% in the past 24 hours. If this keeps on, the crypto might have a big chance of breaking its resistance level of $38,900.
Granted that, BTC price is most likely to reclaim its $40k bullish position, a position favored by all BTC holders. Of course, this event might happen if the bullish market continues to favor the crypto.
However, if the bullish market turns against BTC, it might break out and fall. In short, BTC price could plummet for as low as $30k, a price level that could cause FUD. In this case, BTC price must regain its composure quickly and head back to its uptrend position above ALMA.
Otherwise, the bearish market might drag down the price of the crypto to $23K, a price level within the bearish territory. Meanwhile, the moving average convergence/divergence (MACD) of BTC resides under the signal indicator. Therefore, traders must trade with caution since the MACD is still far from performing a bullish crossover.
In terms of trading, the relative strength index (RSI) of the crypto is within the neutral level. For this reason, scalp and day traders can trade with confidence without the fear of a major price reversal.
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.