Bitcoin Price Going Up! This is When BTC Price May Rise to Reach $40,000

Crypto markets have again come under misty clouds as the price action of the majority of the tokens remains bewildering. The global crypto market cap dropped again below $1.2 trillion, while the volume maintained an elevated trend. Although the Bitcoin (BTC) price has witnessed a minor upswing above $31,000, the bullish upswing does not appear to have been validated. 

So, now that the bulls appear to be less active, is another descending wave on the cards?

The bitcoin price is fighting hard to maintain its bullish pattern, regardless of the increased bearish pressure. The volume continues to remain low, which indicates less interference by the traders in varying the price. On the other hand, the whales and the sharks are constantly accumulating, which is impacting the price to some extent. 

Therefore, even though the BTC price is above the decisive levels, it needs to rise above the major resistance to validate the upswing. Otherwise, sluggish behavior may prevail for an extended period. However, as per a popular analyst, Rekt Capital, the BTC price is showing signs of undergoing a mini-parabolic rally. 

Now that the BTC price has displayed major price action in the short term, the higher targets have been activated. The bulls now have a major task to secure the levels above the gains, and this could be when the price may rise, breaking the consolidation. As per a popular analyst, Michael van de Poppe, the Bitcoin price is set to mark a move toward $40,000 in the coming days.