Bitcoin prices have steadily risen over the last few weeks through turbulence in the markets and maintaining its rise. A calm weekend played a key role in this upswing. Currently, at $40,000, BTC prices are expected to cross this mark and probably reach $42,000, according to analysts.
Friday’s upswing resulted due to price misgivings and a fake-out, but prices remained the same without any significant retraction.
An analyst with TechDev firmly believes any impulse related to Bitcoin is not done. Others have focused on what they expect to be a more sustainable transformation price-wise. William Clemente is of the opinion that $41,000 is a support resistance factor to secure a flip and the next level is with $50,000. Once the 40-41K resistance has been breached, the next price marker to watch for is $47,000. This price is the proof-of-burn in tandem with the annual opening and the STH price realized. The final area expected to be breached is at $58,000.
Pentoshi, a crypto markets trader, says the time to take a position with altcoins is just around the corner. While many top cryptocurrencies remained flat for the day, ones with the highest market cap experienced significant gains during the same time. ETH is up close to 16% and its prices have been above the $3000 mark since January 20, 2022. Traders are taking a wait-and-see stance on crypto prices as they fully expect more changes before prices stabilize.