Bitcoin (BTC) Price to Hit $40K in Next 70 Days – Here’s Why

The post Bitcoin (BTC) Price to Hit $40K in Next 70 Days – Here’s Why appeared first on Coinpedia Fintech News

With the cryptocurrency market buzzing and speculations making the rounds, one expert believes that Bitcoin’s price has a promising horizon. According to a recent statement by renowned crypto analyst Crypto Rover, BTC has robust reasons to see a massive surge in its value in the upcoming months.

ETFs Driving the Bullish Trend

One of the significant factors behind this optimistic outlook is the expectation of a whopping $300 billion influx into the Bitcoin market during the first twelve months of the ETF’s existence. The U.S. Securities and Exchange Commission (SEC) hasn’t objected to Grayscale’s victory, suggesting a green light for Bitcoin Spot ETFs. 

With ARK’s initial application deadline slated for January 10, 2024, there’s much enthusiasm about the ETF approval’s influence after its market introduction. Some suggest this massive buying pressure could even thrust Bitcoin towards an astounding $100,000, making the $40,000 mark seem rather conservative, says Crypto Rover.

Current Market Insights

At the time of writing, Bitcoin trades around $28,333. A closer look at a 4-hour chart reveals some intriguing patterns. The crypto king’s immediate resistance level is $28,652. Those monitoring Bitcoin’s progress would notice sequential resistance levels at $29,100, $29,520, and then at $30,600.

While Bitcoin faces specific resistance points, it also finds potential cushioning at $27,700, which may descend further to $27,300 and $26,600. A key focus point is the 50-day Exponential Moving Average (EMA), presently at $27,500.

Bitcoin’s price standing above this EMA hints at a positive short-term swing. Moreover, if Bitcoin can break past the significant $28,500 barrier, which looks like a double peak, its growth could see more momentum.

From a technical standpoint, the Relative Strength Index (RSI) moderately favors Bitcoin. With an RSI value of 63, it’s positioned above the neutral 50 mark, indicating a positive market sentiment.