Our bitcoin price prediction begins by noting the sharp recovery from the massive freefall under $30,000 to post double-digit gains on Wednesday.
A comprehensive look at the short-term technical picture shows that buyers have the upper hand.
However, resistances are often hindrances to its continuation.
For instance, the 12-hour chart reveals a recently presented sell signal in a red nine candlestick.
If the RSI steps above the midline and keeps lifting toward the overbought, the bulls’ aggressiveness will be amplified, boosting Bitcoin price action to $40,000.
Bitcoin’s uptrend from the dip to $29,000 seems intact based on the market value realized value on-chain model by Santiment.
An MVRV ratio around 1% or below shows that most holders are at a loss and are unlikely to sell.
It is worth mentioning that Bitcoin’s V-shaped recovery may fail to sustain to $40,000 if the resistance at $40,000 remains unshaken.
Having worked for leading crypto/Forex news outlets such as FXStreet, Coingape, and Trading Education, John’s knowledge of the market is outstanding.
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