Bitcoin Price Forecast : $50k or $40k ? Where BTC Price Is Heading In Coming Week

The post Bitcoin Price Forecast : $50k or $40k ? Where BTC Price Is Heading In Coming Week appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Since the beginning of 2022, the cryptocurrency market has held above a $2 trillion market cap for the longest time. For the past two days, Bitcoin has remained above its crucial $46k resistance level, while practically all other crypto coins have increased in tandem with the upswing.

The  market has been on the rise in recent weeks, with Bitcoin breaking through the important $45K barrier zone. The price is currently being held by the $45K broken resistance level, which has now turned into support, after the 200-day moving average rejected it to the downside. On March 28, Bitcoin prices briefly reached $48,000, touching its 200-day moving average.

On a daily basis, the Bitcoin price has risen by 21 percent from its March 14 low of 37,560. On Thursday, the largest cryptocurrency by market capitalization hit three-month highs of $48,240. The bulls, on the other hand, lack the conviction or are unwilling to extend the gains beyond the mentioned level.

What’s next for Bitcoin?

Michael van de Poppe, a well-known crypto analyst, has identified critical price levels for Bitcoin (BTC) to break through in order to induce market acceleration. The expert assures his 576,300 followers in a new tweet that if Bitcoin holds above the $45k threshold, the rise will continue.

According to him, a critical area has held up for Bitcoin, indicating that further upward movement is expected. If the coin reaches the $45k level again, I believe it will be a sign of weakness, and we will drop below the $40k level. If it doesn’t, $50k next week is a possibility.

Bitcoin has increased by 4.7 percent in the last week and has gained another 1 percent in the last 24 hours. The next few days will determine whether Bitcoin collapses back down to $34-36k local lows or continues to soar.