The bulls have taken full control of the Bitcoin price, sending the cryptocurrency to $40,000 a few hours ago before it met resistance.
Since then, the price has retreated slightly but still looks strong and could continue to rise in the near future.
Any retracement seems to give the market further momentum, which is a sign that the bulls are in full control of the medium-term trend.
Where the market moves next will undoubtedly depend on whether the bulls can prevent a deeper decline.
One analyst notes that Crypto Superstar could soon break $50,000, which he calls the first serious barrier before the coin makes a run toward $100,000.
Bitcoin and the entire crypto market have moved sharply higher today, with the bulls taking full control of the market as they continue to build on the momentum seen in recent weeks.
The price action seen today certainly speaks to the overwhelming power bulls have over the market right now. Whether or not it can be sustained will provide important insight into what stage this rally is at.
One trader expects a rise to $100,000 in the relatively near future and notes that a break above $50,000 could significantly accelerate this rally.
Bitcoin rises to $40,000, experiences rejection
At the time of writing, Bitcoin is trading up just over 6% at a current price of $39,600, down slightly from the day’s highs of $40,000.
After reaching those highs, the cryptocurrency’s price fell in a sudden drop to $36,000, which was immediately absorbed by buyers. This allowed the cryptocurrency to subsequently recover to its current price level.
This volatility is normal in these market conditions – and you should expect it to continue in the coming weeks and months when buying Bitcoins.
Analyst: Bitcoin could quickly reach $100,000 per BTC
A trader now writes in a tweet that he is watching closely to see if Bitcoin can break out above $50,000, as this is the last major psychological barrier before $100,000.
So a breakout above that level could lead to an accelerated rally toward $100,000.
„I have already closed the $BTC chart when we went above 20k. I see no reason to keep watching. The first psychological resistance is $50k and if we break that, $100k will come in a few weeks. No need for complication.“
The coming days should shed light on where the market is headed next, as Bitcoin’s current volatility (Go to Buy Bitcoin Cheap Guide) could help determine the medium-term trend.