Bitcoin managed to break above the critical level with its latest attempt, but if it fails to close above the resistance level, selling pressure may continue and it could remain weak. Current predictions from experts give an insight into the future of the market.
Bitcoin price reached $38,035 by surpassing the $38,000 mark for the seventh time since November 9th. Altcoins also tested this critical zone seven times, experiencing fluctuations around $37,900. This situation is seen as a similar scenario to repeated testing of support levels during downtrends.
During uptrends, resistance levels are constantly tested and eventually broken. If the sentiment that the Binance case is a positive development for the markets strengthens, it is expected that altcoins will rapidly rise with closures above $38,000.
There is a strong possibility for Bitcoin to progress towards six-figure price targets in 2024 with the expectation of interest rate cuts. The approval of spot Bitcoin ETFs will also be supported by billions of dollars in institutional demand. The opening of a new chapter under the supervision of Binance in the US provides sufficient reason for investors to remain optimistic.
Popular crypto analyst Skew claims that a single buyer is pushing the market upwards. If this is true, the bull run witnessed with billions of dollars in purchases may gain momentum with a different version in 2023. Michael Poppe, the founder and CEO of MN Trading, states that Bitcoin is slowly moving towards a new resistance level and with the breach of $38,000, the next target is $40,000.
Daan Crypto Trades highlights that the challenging $38,000 resistance level for Bitcoin will become easier. It wouldn’t be surprising for the end-of-year BTC price to be above $40,000. Additionally, it is noted that ETH may gain momentum with a break above $2,150 and technical data suggests that ETH price could aim for $3,000 with closures above this range.