Bitcoin (BTC) has surpassed the critical level of $40,000 and recently crossed $44,000 with its upward momentum. The question of whether it can leave behind the deep downward trend it has experienced since November 2019 and reach new highs is on the agenda.
According to data, Bitcoin reached the level of $44,011 on Bitstamp, surpassing altcoins and starting a new upward trend. This increase indicates a weekly gain of 10%, marking the highest levels seen since the beginning of April 2022 and presenting a significant challenge against an important resistance.
According to popular cryptocurrency analyst Rekt Capital, $44,000 represents the highest point of a range that has occurred several times since the beginning of 2021. In the analyst’s recent statements, it was mentioned that Bitcoin has a history of reclaiming the level of $34,800 and that the possibility of the price rising above $40,000 is still high, but the retest is important.
Spot tracking and derivative markets have influenced the direction. According to CoinGlass data, liquidations have occurred gradually. Additionally, crypto short positions worth $100 million have been closed so far. CoinGlass also showed the recent move that increased the critical level for potential short position liquidations on Binance.
On the other hand, some concerns of popular market participants are focused on possible manipulative movements by high-volume traders. Previous analyses warned about such movements that could trigger a significant sell-off to secure profits at new highs. However, according to experts, optimistic investors have little time to worry. Michaël van de Poppe, founder and CEO of MN Trading, commented on the Bitcoin halving event scheduled for 2024, stating that Bitcoin is likely to reach the range of $48,500 to $50,500 before the halving, and as long as it remains above $39,000, the probability of Bitcoin dropping to the $30,000 level is very low.
