Bitcoin (BTC) Approaches $41.5k — Will it Break Out to Reach Over $63.5k?

Bitcoin (BTC) Approaches $41.5k — Will it Break Out to Reach Over $63.5k?
  • Bitcoin (BTC) has risen over 23% this week reaching $40,000. 
  • BTC manages to defend and raise its position against the bears. 
  • The price of BTC may experience a rocketing from $40k to $60k in 2021 to 2022.

The cryptocurrency king Bitcoin (BTC) has risen over 23% this week reaching $40,000. This price surge came after positive comments from Elon Musk and also rumors that Amazon will accept crypto payments

Moreover, this is a sign that the bears have turned into bulls. In addition, crypto analysts said that BTC will consolidate above the key resistance level of $40k, so that crypto investors will be confident to purchase more crypto and push the price higher. 

According to CoinMarketCap, the BTC price is at $38,925.75 with a 24-hour trading volume of $26,888,861,193, at the time of writing. 

BTC/USDT Price Chart (Source: TradingView)

As displayed in the graph above, BTC manages to defend and raise its position against the bears. For this reason, the crypto right now is already 35% above the bearish support level of $28.8k.

In line with this uptrend signal, let us say that BTC repeats its huge price pump in the past month today, what do you think will happen? Of course, the price of BTC may experience a rocketing from $40k to $60k. If this happens, BTC will break from one Fibonacci level to another.

Furthermore, since Bitcoin is nearing its breakout position, the next stop of BTC will be $60k if it surges above breakout. In this case, the crypto must be able to gather as many investments as possible to rise its market cap. Indeed, this is good news, but this sky-high price may be achieved by the crypto in 2021 to 2022.

However, if BTC fails to maintain its position above the Fibonacci level .618, the price of the crypto could fall. It could plummet for as low as $19.76, a bearish price level that might cause FUD among its investors.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.