Bitcoin’s Q4 2023 Outlook: Battle for $40K


Bitcoin has shown a significant increase in value, with its price going up by over 11% in the past week. It has reached a two-month high, which suggests a strong bullish trend in the market. This surge has also contributed more than 10 billion to the overall market value.

Join CryptosHeadline's Official Telegram Community Channel

Bitcoin initially broke through the $30,000 resistance level, but the rally was brief, and the bulls couldn’t sustain it, causing the price to drop back to around $29,600.

As of the time this information is being shared, Bitcoin is trading at $29,701.83. After the recent surge, Bitcoin’s price has been holding relatively steady.

Bitcoin Price Prediction by Crypto Analyst

Captain Faibik, a popular crypto analyst with over 66,500 followers on the “X” platform, has made a significant prediction. He believes that the $31,000 support/resistance level holds immense importance because the fate of Bitcoin for the year hinges on it.

The analysts have forecasted that if the bulls manage to surpass the $31,000 resistance level, Bitcoin’s price might reach between $38,000 and $40,000 by mid-December and end the year in that range.

However, if the leading cryptocurrency stays below the $31,000 level in the upcoming month, it could lose its upward momentum and revisit its support level at $25,000 before the year concludes.

Bitcoin Price Rebound Prospects

In the past week, Bitcoin’s price has made significant moves, raising hopes for a new yearly high in the near future. Bitcoin’s dominance has also crossed the 50% mark for the first time since August, now at 51.6%, indicating increased accumulation of the cryptocurrency.

If the bullish trend continues and pushes the price above $30,000, Bitcoin is expected to gain momentum and aim for the upper resistance at $31,000 next month.

Conversely, if the bears take control and there’s a trend reversal, the price might lose momentum and test the support level at $29,600. In the worst-case scenario, if bears dominate, the coin could dip further and reach its key support level of $28,600 in the coming days.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News


  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

Leave a Reply

Your email address will not be published. Required fields are marked *