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.
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.
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.
$BTC bulls have been doing quite well in the past few days but the real test lies at the 31k S/R level.
– If bulls successfully clear the resistance, #BTC could touch the 38-40k area by mid-December.
— Captain Faibik (@CryptoFaibik) October 21, 2023
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.
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