Bitcoin Price Reclaims $37,000 - This Is How It Could Get to $40,000 Next
The Bitcoin (BTC) price reclaimed and bounced at a critical horizontal support area. Will it continue increasing to $40,000?...
- The Bitcoin price has reclaimed a support area after a brief decrease on November 16.
- BTC is currently trading inside a neutral pattern above a critical horizontal support area.
- The Relative Strength Index (RSI) is increasing and above 50, indicating positive signs.
- The Bitcoin Hashrate reached a new all-time high, but excitement about the Bitcoin ETF has taken over as the dominant narrative.
- Technical analysis suggests BTC is in wave four of a five-wave increase and could reach the next horizontal resistance at $50,000.
- However, a breakdown from the triangle pattern could cause a 10% drop to the closest horizontal support area at $33,500.
The sentiment of the article is mostly positive, highlighting the increase in Bitcoin price, positive signs in technical indicators, and the potential for further upward movement.