Bitcoin is Set For $40K Price Target in a Quick Rally: Analyst

Analyst Moustache believes Bitcoin’s price will rise to between $38,000 and $40,000 soon.
According to Moustache, there is no resistance for Bitcoin above the $32,000 price level.
Trader MichalCrypto96 notes $35,000, $42,000, and $48,000 as significant Bitcoin price levels.

A Bitcoin trader who identifies as Moustache on X (formerly Twitter) believes Bitcoin’s price will rise to between $38,000 and $40,000 soon. After Bitcoin’s recent rally, the acclaimed analyst predicted the pioneer cryptocurrency could embark on a quick rally to fulfill this prediction. According to him, the reason for the anticipated rally is that there is hardly any resistance for Bitcoin above the $32,000 price level.

#Bitcoin and The Wyckoff Method.
As I have said many times before:
$36.000 to $40.000 Dollars is inevitable in my opinion.
Is this already the beginning?
If so, it will happen quickly, because there is hardly any resistance from 32k upwards.💯 pic.twitter.com/9hd4i9t28S
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) August 9, 2023

Many crypto users responding to Moustache’s post agreed with his bullish Bitcoin sentiment. One who identifies as MichalCrypto96 proposed three significant levels for Bitcoin’s short-term rally. According to him, he observed the $35,000, $42,000, and $48,000 price levels.

Another character under Moustache’s post, Stockmoney Lizards, used a pictorial presentation to reveal his Bitcoin price analysis. He predicted the upcoming bull run would push Bitcoin’s price above $200,000 by 2025. However, he indicated the price would drop to the $69,000 region after reaching that peak. Stockmoney Lizards based his prediction on the Bitcoin price cycle dynamics. It is a phenomenon that has been consistent over several years.

In a related scenario, Santiment, the market intelligence platform with on-chain and social metrics, observed bullish dynamics among several altcoins, following Bitcoin’s recent rally. Santiment noted that Bitcoin’s pushback above $30,000 instills confidence in the crypto markets. According to Santiment, many altcoins have shown signs of life following the incident.

Notably, Santiment identified SOL, TON, and HBAR as some of the altcoins creating bullish narratives by surging significantly. The market intelligence platform advised crypto users to pay attention to a developing FOMO market situation if prices continue pushing forward for the day.

Bitcoin traded at $29,793 at the time of writing after experiencing some resistance at the $30,000 price region.

Source: https://coinedition.com/bitcoin-is-set-for-40k-price-target-in-a-quick-rally-analyst/