Bitcoin Price Breaks Above $41K Again! Fakeout or a Road to $100K Confirmed?
After a drastic dip and months of consolidation, Bitcoin price has finally risen above resistance and is maintaining a bullish uptrend. Over the last week, the token has tried multiple times to break above the $40K psychological levels and failed. But now as the week and the month ends BTC price has flipped $40.6 and is surging upwards.
Popular Analyst Rekt Capital in his recent tweet stresses on clean weekly close for BTC. He says the token is positioned for a great weekly close today. If BTC closes above red the bullish thesis will be confirmed.
The history of the BTC price trajectory suggests a weekly close above the red resistance area has resulted in great rallies.
#BTC is positioned for a fantastic Weekly Close
Of course, upside wicks beyond red area have happened in the past
But as long as $BTC Weekly Closes above red, the bias is bullish
A prior Weekly Close above the red resistance area has led to an immense rally before#Bitcoin pic.twitter.com/2Z254kfytL
He also takes note that Bitcoin has flipped the 200 EMA at $39000 as support. This indicator depicts the sentiment of the long-term investors. Hence, cementing this level as major support validates Bitcoin’s next leg up.
Also Read : BTC Price Dips Before Catapulting to New Highs! Institutional Entities Amp up Their Holdings
Popular Analyst Calls for a New ATH at $100K!
Adding to the bullish case is another popular analyst Crypto Capo. He says this break above $41K is a confirmation of the accumulation range. As this phase has been a prolonged one, the next leg up will be even bigger. Hence, a huge rally to the $100K level is well on the cards.
However, before this starts, BTC may go back and test the resistance at $38K or $39K after a weekend pump.
Bitcoin has confirmed the accumulation range, with the break of the $41k level. This phase has been a long one, so the mark-up will probably take it above $100k in the coming months.
Potential test to $38k-$39k soon but then we can expect a great bullish season for cryptos.
The analyst has been calling for 100K this week multiple times. However, this bullish prediction holds good when seen in comparison with the previous price trajectories BTC has followed.
He also mentions that BTC’s rally will kickstart a new rally for the entire crypto market. The next leg to the bull cycle is underway if BTC persists.
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