On November 24th, Bitcoin broke the closely watched $38,000 resistance but bulls failed to show a significant presence above this level. This indicates that investors are hesitant to make purchases at higher levels. On the weekly chart, Bitcoin is signaling indecision between bulls and bears as it forms two consecutive Doji candlestick patterns.
As Bitcoin continues its movement near the highest level in 18 months, Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, maintains his bearish expectations. Hayes pointed out that the increased liquidity of the US dollar by US authorities could cause a rise in the price of Bitcoin. Another bearish prediction came from PlanB, who shared his thoughts on Bitcoin price models. The analyst claimed that Bitcoin will reach at least $100,000 between 2024 and 2028.
Although analysts have been making increasingly bearish predictions in recent days, investors are being warned to be cautious, considering the inevitable corrections in the cryptocurrency market during every upward trend.
The Bitcoin rally that has been ongoing since October encountered a hurdle at the $37,980 level, but investors are seen determined to close their positions. This indicates their expectation for the continuation of the upward trend. The immediate support level, the 20-day exponential moving average, is currently around $36,546. If the price bounces back from this support, it will signal the buying signal of every minor correction and increase the likelihood of Bitcoin breaking above $37,980.
If this scenario materializes, the BTC/USDT pair could rise to $40,000. This level could be a strong resistance for investors, but if they can turn the $38,000 level into support, the upward trend could extend to $48,000. However, if the price falls below the 20-day EMA level, investors are likely to realize their profits.