Bitcoin

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<p><span style="font-weight: 400;">Bitcoin Price Prediction: The BTC price has displayed a <a href="https://coingape.com/bitcoin-price-prediction-after-completely-invalidating-the-bearish-fractal-has-pre-halving-rally-began/">robust uptrend</a> since mid-October, acting as a beacon for renewed optimism across the cryptocurrency market. Rallying from a last-swing low of $26,560, the coin price surged 32.55% to reach a 500-day high of $35,263. However, this rally seems to be encountering supply pressure at the $35,000 level, igniting questions about the sustainability of buying interest.</span></p> 
<p>Also Read: <a href="https://coingape.com/valkyrie-updates-spot-bitcoin-etf-prospectus-with-us-sec/">Valkyrie Updates Spot Bitcoin ETF Prospectus With US SEC</a></p> 
<h2 id="b-bullish-pattern-prepares-the-next-leap-b"><b>Bullish Pattern Prepares the Next Leap</b></h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The long-wick rejection candle at $35000 reflects the overhead supply is intense.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A breakout above the pennant pattern would set the BTC price for a quick 6% jump.</span></li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Bitcoin is $16.8 Billion, indicating a 13% gain.</li> 
</ul> 
<p><span style="font-weight: 400;"><img decoding="async" src="https://s3.tradingview.com/snapshots/u/uvcuecYx.png" alt="TradingView Chart">Source-Tradingview</span></p> 
<p><span style="font-weight: 400;">With the newfound supply pressure at the $35,000 level, the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> has been trading sideways since last week. This consolidation has created an uncertain market sentiment, leading to a sideways/correction action in several altcoins.&nbsp;</span></p> 
<blockquote>
 <p><span style="font-weight: 400;">However, a look at the 4-hour time frame chart shows the wavering BTC price is shaping into a bullish continuation pattern called <a href="https://coingape.com/education/pennant-pattern/">pennant</a>. Interestingly, this pattern is often spotted in an established uptrend, allowing buyers to recuperate the bullish momentum for the next leap.&nbsp;</span></p>
</blockquote> 
<p><span style="font-weight: 400;">Thus, until the two converging trendlines of this pattern are intact, the coin is likely to prolong its current consolidation. Thus, the Investors eager for the next long opportunity should watch for a breakout above the pattern’s upper trendline.</span></p> 
<p><span style="font-weight: 400;">Such a breakout could unleash the build-up of bullish energy, propelling Bitcoin for a swift 6% advance to approximately $36,500. A more ambitious target would be the pole length of this pattern, suggesting an extended rally could reach a high of $42,000.</span></p> 
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<h2 id="b-is-btc-price-under-correction-threat-b"><b>Is BTC Price Under Correction Threat?</b></h2> 
<p><span style="font-weight: 400;">While the near-term outlook seems bullish, it’s essential to note that the BTC price is <a href="https://coingape.com/markets/bitcoin-price-prediction-pattern-signals-35-upswing-ahead/">hovering around a long-standing resistance trendline</a> within a channel pattern. Historically, retests of this line have often led to increased supply pressure and significant price corrections. Therefore, any movement around this resistance could wield a significant influence over this coin.</span></p> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><b>Moving Average Convergence Divergence: </b><span style="font-weight: 400;">Currently in a bullish crossover, with the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> line surpassing the signal line, suggesting that the overall trend remains on the bullish side.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><b>Relative Strength Index: </b><span style="font-weight: 400;">The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> is at an overbought level of 81, suggesting that a minor pullback or consolidation could be beneficial for the asset’s overall bullish health.</span></li> 
</ul> 
<p>The post <a rel="nofollow" href="https://coingape.com/markets/bitcoin-price-prediction-bullish-pattern-sets-40k-next-target/">Bitcoin Price Prediction As New Bullish Pattern Emerged Amid Market Uncertainty; Is $40K Next Target?&nbsp;</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.</p>

Bitcoin Price Prediction As New Bullish Pattern Emerged Amid Market Uncertainty; Is $40K Next Target?

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