Bitcoin

Million

<p>The post <a rel="nofollow" href="https://coinpedia.org/bitcoin/bitcoin-price-forecast-for-next-week-bitcoin-might-struggle-above-40000-as-profit-making-holders-surge/">Bitcoin Price Forecast For Next Week: Bitcoin Might Struggle Above $40,000 As Profit-Making Holders Surge</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The current trends in Bitcoin price indicate declines during recent climbs, yet the trajectory points to reaching the $40,000 mark in the coming week. Support levels have been increasingly robust, suggesting that the asset is building a solid foundation for growth. Nevertheless, Bitcoin’s progress may be impacted by investor behavior, which shows a pattern of accumulation when prices dip, followed by a selloff when prices peak. This could potentially influence Bitcoin’s ability to maintain its rally at or around the $40,000 level, as profit-taking may cause fluctuations.</p> 
<h2 class="wp-block-heading" id="h-nearly-41-million-addresses-are-now-in-profit">Nearly 41 Million Addresses Are Now In Profit&nbsp;</h2> 
<p>In the past few weeks, Bitcoin’s open interest has been on an upward trajectory, touching $16 billion amid <a href="https://coinpedia.org/bitcoin/bitcoins-illiquid-supply-hits-all-time-high-as-holders-withdraw-1-7m-btc-since-may-2021-heres-the-next-resistance/">whale accumulation</a>. However, there’s a threat for long-position holders as the BTC price might witness a notable selloff near the $40K mark. So far, in the last two days, over $150 million worth of short-positions have been liquidated.&nbsp;</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/qonPsTdXUaQuGWMnlqUsLqh5pWpJgLf8hh6_8RZfbynXYAR2239t5k-fIPJMtxTDZOOKgbbhEVQb2j-kMYlEWbunQw1pfs0A-0F8LNBSSRoZf8Km2xuR0MxIAl5vlOUeOi6WmjQJ3v-HpWUM2fysNTk" alt="">
</figure> 
<p>According to insights from IntoTheBlock, close to 82% of Bitcoin holders have now become profitable as BTC slowly heads toward the $40K dream due to ETF hype. This sentiment is bullish, with expectations of a price uptick in anticipation of an upcoming ETF launch. Nevertheless, there is a rising concern over the chances of a considerable liquidation that may still be on the edge.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/xwT5ft7rq1x30Rl1JTrrs6NMgI7CNwNz99rYd860fcU6sLzQ_FqCYqPCQyDf43CGVpxMl0J43NZp0hvWiTXPDEkoGyEumBwso6hJXmL6Jvz0egaW7TpgYF93fZ3jtzjLyGn9HiVsX9H3vu4l-DUfRco" alt="">
</figure> 
<p>Around the $37K-$43K zone, 2.2 million addresses are in loss, and a significant portion will become profitable if the BTC price hits the $40K level next week. As a result, there will be a high chance of a shift in sentiment toward selling in profit as BTC touches an 18-month high.&nbsp;</p> 
<p>Should Bitcoin experience a pullback of $700-$800 upon nearing the $40K threshold, it may trigger an increase in short positions. This could pressure short-term whale holders to sell their positions profitably, potentially leading to a price drop and a reevaluation of the $35K support level.&nbsp;</p> 
<h2 class="wp-block-heading" id="what-s-next-for-btc-price">What’s Next For BTC Price?</h2> 
<p>Bitcoin recently surged past its ascending channel pattern. However, a subsequent wave of profit-taking was seen as BTC’s price failed to hold momentum above $38K. As of writing, Bitcoin’s price is trading at $37,182, surging over 0.25% from yesterday’s rate.&nbsp;</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/KVR4BpPusXRuW5e13LV2_NCuSrObSsjZotpdJu1UhWF94_G7V43aLg9OBrWG3Mv_Ver-U3Mfpx3qbyLTJw536KDjQWUzEsseqLID2GjrE0AAIt_es_I820T6QPGFcV8NJovuhiBjoxkSd8diXP5dX00" alt="">
</figure> 
<p>The Relative Strength Index (RSI) continues to hover around the overbought zone, suggesting that buyers have been aggressively supporting the market. A continued push could see efforts to drive the BTC price above $38K. A success in this will set Bitcoin’s next target at $40,000 in the coming week.&nbsp;</p> 
<p>Conversely, a fallback into a bearish channel would signal a market rejection of the recent highs, potentially dragging the price toward the 20-day exponential moving average. A profit-taking sentiment among holders will continue to halt surges. In a bearish case, Bitcoin will once again test buyers’ patience near the $34K-$35K zone.&nbsp;</p>

Bitcoin Price Forecast For Next Week: Bitcoin Might Struggle Above $40,000 As Profit-Making Holders Surge

Table of Contents

CoinPedia News

Other articles published on Nov 11, 2023

AI Could Learn a Thing or Two From Rat Brains: Overcoming the Problem of Catastrophic Forgetting

Brave Browser joins forces with Inspect to Redefine Web3 Browsing

Nigeria and Raspberry Pi Foundation Collaborate to Launch Code Clubs

Demand for Bitcoin could grow by up to 10X within 12 months: Michael Saylor

Whale Moves Over 39 Mln XRP To Coinbase As Price Nears $0.7

Altcoin Season? The Most Promising Tokens You Shouldn’t Miss Out On: Injective, Fantom, and InQubeta

Join our free newsletter for daily crypto updates!