This week was an exciting one for Bitcoin and cryptocurrencies. Prices soared more than 25% after an extended bearish trend. Many traders already predicted this move, as prices were hitting a strong support area for most cryptocurrencies. For Bitcoin, prices behaved similarly and rebounded from the strong support level of USD 28,000. Now that the 40K price was breached, what is next for Bitcoin prices? In this Bitcoin price prediction article, we analyze what has happened so far and give trade setups.
Why did BTC prices have a Strong Comeback?
It was no secret that a Bitcoin comeback was inevitable. Prices have been consolidating for an extended period of time, especially after an earlier market crash. When BTC prices reached the strong support of USD 28,000, two scenarios presented themselves. Either a break in prices lower towards the 20K range or a break upwards towards the 40K. The second case scenario happened, and it happened quickly!
Within one week, prices managed to increase from USD 32,000 all the way towards USD 40,000, then adjusted back to the current price of USD 39,700. This resulted in a price increase of more than 25% in 1 week!
Bitcoin Price Prediction – What will happen to BTC prices next?
After this great trend reversal, we can only assume that prices continue in their uptrend. It looks like the buying momentum is back on track, and the fundamentals are shaping up in place. Not only are people rushing to buy cryptos, but Elon Musk also is trying to pump cryptos again through his Tweets about Dogecoin.
Despite the recent price rally, Bitcoin prices are still inside a consolidation zone. This area is delimited between 30K and 40K. Bitcoin prices need to break above the 40K in order to get out of their sideways trend. Before this happens, prices might still adjust lower towards 36K as part of potential profit-taking.
The Crypto Market at a Glance
In the past 7 days, the crypto market rose well above 30% in valuation. Bitcoin and XRP rose the most from the top 10, 23% and 21% respectively. Outside the top 10, AXS and QNT made headlines with a rise of 83% for each. AMP also managed to gain around 70% in market cap. On the other hand, COMP and KuCoin Tokens didn’t make it like the rest of their crypto peers. They both lost 4% and 3% respectively.
1- Bitcoin (BTC) : + 23.20 %
2- Ether (ETH) : + 14.39 %
3- Tether (USDT) : 0 %
4- Binance Coin (BNB): + 6.67 %
5- Cardano (ADA) : + 8.76 %
6- Ripple (XRP) : + 21.06 %
7- USD Coin (USDC) : + 0 %
8- Dogecoin (DOGE) : + 6.39 %
9- Polkadot (DOT): + 13.85 %
10- Binance USD (BUSD) : + 0 %
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