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The price of Bitcoin has been consolidating within a very narrow range throughout the past week which was followed by a rejection at $30,000 levels and a subsequent breakdown of the 50-day MA of around $29,000. Until the last trading day, the bearish target was set at around $25,000 but the recent upswing shed light on the possibility of the retest of the 50-day MA levels.
The BTC bulls appear to have dominated the market with strong momentum as they regained control after a sharp pullback. Holding the same momentum, the bulls are now trying to push the prices towards the next resistance level of $28,000. If they succeed to do so, then it may signal the resurgence of a firm upswing that may signal an extended Bitcoin rally.
However, the upswing may still continue for another 3 months as the next upswing is predicted anytime in the next fortnight.
Considering the weekly chart it is quite evident that the BTC price is trading above some strong support levels, above EMA-21, EMA-50 and MA-200 with a strong RSI at 55.5. Hence, on a bullish note, the consolidation may continue for another 1.5 to 3 months before the next breakout.
Besides, in the daily chart, some diverse price actions may be witnessed as the BTC price formed a bullish hammer, some days ago. Moreover, the price continued to trade below this hammer which compelled the price to consolidate more before a breakout. Until the BTC price trades above $25,000, it is considered to be under bullish influence and if it breaks a steep drop below $20,000 is imminent.