Mind Trader’s prediction in an X post, Bitcoin (BTC) has the potential to make a notable climb, ranging between $36,170 and $40,000 in the near future. This bullish movement is expected to materialize as long as Bitcoin maintains a price level above $33,730. Currently, at the time of reporting, BTC was trading at $35,182.38, marking a 1.38% gain over the past 24 hours.
Cryptocurrency trader and analyst Mind Trader shared a prediction on X today, suggesting that Bitcoin (BTC) may experience a notable price increase, with potential targets ranging from $36,170 to $40,000. This optimistic outlook hinges on Bitcoin maintaining a price level above $33,730. As of the latest data, BTC was trading at $35,182.38, having gained 1.38% over the past 24 hours.
#BTC : Refused to go down, as long as price trade above $33730, the more chance that sooner than later the price will break out above $36170 towards $40000 range. #Bitcoin pic.twitter.com/5Fj2QKJdx5
— Mind Trader (@mindandtrading) November 5, 2023
The trader’s prediction followed Bitcoin’s ongoing upward trajectory in the last 24 hours. According to CoinMarketCap data, the cryptocurrency recorded a 1.38% gain during this period. As of the latest data, Bitcoin was trading at $35,182.38, comfortably surpassing the crucial level emphasized by Mind Trader in their analysis.
Daily chart for BTC/USDT (Source: TradingView)
Bearish Signs on BTC’s Daily Chart
BTC’s daily chart exhibited a bearish rising wedge pattern, hinting at a potential price decline in the coming week. Unless Bitcoin manages to break above this pattern in the next few days, a drop is likely, with a retest of the $34,000 support level and the possibility of further decline.
If selling pressure persists, BTC could head towards the next crucial support at $31,400. A break below this level would expose Bitcoin to the risk of dropping as low as $28,760 in the days that follow. It’s important to note that a daily candle closing above the rising wedge pattern could negate this bearish scenario.
Bullish Scenario and Technical Flag Warning
In a more optimistic scenario, BTC’s price might attempt to turn the $36,900 resistance level into support following a daily candle close above this threshold. This could lay the groundwork for a potential climb to $40,000.
Traders and investors should be aware of a significant bearish technical flag forming on BTC’s daily chart. As of the latest data, the Moving Average Convergence Divergence (MACD) line was on the verge of crossing below the MACD Signal line. Such a crossover may signal a bearish reversal in Bitcoin’s trend.
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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