Greed

Birb

Bitcoin

In a surprising turn of events, Bitcoin (BTC) has once again defied expectations by reaching a<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-36800-heres-why/" target="_blank" rel="noopener "> new yearly high</a>, igniting speculation about whether it can break the $40,000 milestone.&nbsp; 
After a brief<a href="https://www.newsbtc.com/bitcoin-news/bitcoin-dominates-overtakes-ethereum-in-24h-nft-sales-volume-for-the-first-time/" target="_blank" rel="noopener "> consolidation phase</a>, the leading cryptocurrency has regained its bullish momentum, soaring to a peak of $38,000 before retracing to its current trading level of $36,400. As the market eagerly awaits the next move, experts and analysts weigh in on Bitcoin’s potential to sustain its upward trajectory. 
<h2 id="btc-s-golden-cross-signals-potential-surge-to-50-000">BTC’s Golden Cross Signals Potential Surge To $50,000</h2> 
The Birb Nest team provides <a href="https://x.com/TheBirbNest/status/1722579507163328854?s=20" target="_blank" rel="noopener nofollow">valuable insights</a> into the short-term scenarios for Bitcoin. From a fundamental perspective, the anticipation of ETFs (Exchange-Traded Funds) and the upcoming<a href="https://www.newsbtc.com/bitcoin-news/bitcoin-halving-is-200-days-away-this-happens-every-time-is-it-time-to-doubledown/" target="_blank" rel="noopener "> halving event</a> contribute to the current drive and support the bullish sentiment in the market.&nbsp; 
Moreover, from a technical standpoint, Bitcoin’s recent breakthrough of $32,000 has its sights set on the key psychological level of $40,000, bolstered by the presence of the Golden Cross and a rising 200-day simple moving average (SMA). 
<a href="https://www.newsbtc.com/analysis/xrp/xrp-records-major-golden-cross/" target="_blank" rel="noopener ">The Golden Cross</a>, a bullish technical pattern formed when a short-term moving average crosses above a long-term moving average, has played a significant role in Bitcoin’s recent surge.&nbsp; 
Combined with the rising 200-day SMA, which indicates a strengthening long-term trend, these indicators reinforce the ongoing uptrend and provide a strong foundation for Bitcoin’s potential upward movement. 
According to the Birb Nest team’s analysis, Bitcoin’s price action suggests an imminent increase in volatility, as indicated by the bullish<a href="https://www.newsbtc.com/news/crypto-fear-and-greed-turns-neutral-whats-next/" target="_blank" rel="noopener "> Fear &amp; Greed Index </a>registering at 68. 
After experiencing a 27% jump in October, surpassing the historical average, November historically exhibits robust gains of over 40%, potentially propelling Bitcoin toward $50,000.&nbsp; 
Notably, the second half of the month tends to be more bullish, heightening the anticipation for further price appreciation. 
<h2 id="expert-identifies-pivotal-resistance-for-bitcoin">Expert Identifies Pivotal Resistance For Bitcoin</h2> 
According to a recent <a href="https://x.com/CryptoMichNL/status/1722585074032623890?s=20" target="_blank" rel="noopener nofollow">post </a>on X (formerly Twitter) by the crypto expert Michael Van De Poppe, $38,000 to $40,000 represents a critical resistance zone for Bitcoin.&nbsp; 
This means that price levels within this range will likely face significant selling pressure and challenge&nbsp;Bitcoin’s upward momentum. Van De Poppe warns against expecting an immediate breakout above this resistance level, suggesting that consolidation beneath it is a more probable scenario. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/AHKQ5djs/" alt="Bitcoin" width="1814" height="858"> 
Van De Poppe emphasizes the importance of consolidation beneath the resistance zone. Van De Poppe suggests that such consolidation provides a healthy base for Bitcoin’s price to gather strength before attempting a breakthrough.&nbsp; 
By stabilizing within this range, Bitcoin builds a stronger foundation to support a potential bullish move in the future. 
Regardless of the forecast, the cryptocurrency’s upcoming price action remains to be seen if it will be accompanied by consolidation and a subsequent breakout or if Bitcoin is inclined to test lower support levels before embarking on another bullish move. 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Bitcoin Bulls Gear Up: 200-Day SMA Rise And Historical Trend Signal $50,000 Price Target

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