BTC Establishing a Good Foundation and May Climb to $40K: Trader

The cryptocurrency trader and analyst Mind Trader predicted in an X post today that Bitcoin (BTC) could climb to between $36,170 and $40,000 soon. According to the post, this bullish thesis will be in play for as long as the market leader’s price is able to stay above $33,730.

#BTC : Refused to go down, as long as price trade above $33730, the more chance that sooner than later the price will break out above $36170 towards $40000 range. #Bitcoin pic.twitter.com/5Fj2QKJdx5

— Mind Trader (@mindandtrading) November 5, 2023

The trader’s post comes after BTC continued its ascent over the past 24 hours. At press time, CoinMarketCap data indicated that the cryptocurrency printed a 1.38% gain throughout the past day of trading. Subsequently, the leading cryptocurrency was changing hands at $35,182.38, which was well above the key level highlighted by Mind Trader.

Daily chart for BTC/USDT (Source: TradingView)

A bearish rising wedge pattern was present on BTC’s daily chart. This suggested that the cryptocurrency’s price may drop within the next week, unless BTC is able to break above the pattern in the next few days. In this bearish scenario, BTC will most likely retest the $34,000 support level before potentially dropping even further.

If sellers continue to exert pressure on BTC’s price, then it could drop to the next key support level at $31,400. Thereafter, a break below this mark will put BTC at risk of falling to as low as $28,760 in the following few days. However, a daily candle close above the rising wedge chart pattern may invalidate this bearish thesis.

In this scenario, the market leader’s price could attempt to flip the $36,900 resistance level into support. A daily candle close above this threshold may then give BTC the foundation needed to rise to $40,000.

Traders and investors will want to take note of a significant bearish technical flag that was on the verge of being triggered on BTC’s daily chart as well. At press time, the Moving Average Convergence Divergence (MACD) line was looking to cross below the MACD Signal line. Should these two lines cross, it could suggest a bearish reversal of BTC’s trend.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source