Galaxy Digital CEO Mike Novogratz expressed his optimism about Bitcoin in an interview with Bloomberg. He stated that asset managers with approved ETFs would try to convince people to invest in Bitcoin, which could increase its adoption. He also suggested that the Federal Reserve’s interest rates could be another trigger that brings Bitcoin’s price to its all-time high in the coming years.
Bitcoin is said to weaken a resistance level that has been tested multiple times and could start an upward trend with the price increase initiated on December 1st. Breaking above $37,980 completes a rising wedge pattern for Bitcoin. The BTC/USDT pair could rise to a challenging resistance level of $40,000.
If this resistance level is breached, the pair may reach the formation target of $41,160. Increasing moving averages and a Relative Strength Index (RSI) above 65 could indicate that bulls are taking control. However, a price drop and a fall below the uptrend line could invalidate this bullish view in the short term and pull the price towards a strong support at $34,800.
Ethereum bounced back from the 20-day exponential moving average (EMA) level of $2,019 on November 30th, indicating strong defense by buyers. Bulls may push the price towards the general resistance of $2,200. If buyers continue their momentum, the ETH/USDT pair could complete a rising wedge formation, signaling a target of $3,400.
Analyses and predictions are available on critical resistance levels for Bitcoin and Ethereum and how the actions of the Federal Reserve could affect Bitcoin’s price.
