- Bulls have taken full control of Bitcoin’s price action, sending the cryptocurrency rocketing up to $40,000 this morning before it faced some resistance
- It has since retraced slightly but is still looking strong and could be positioned to rally higher in the near-term
- Each retrace seems to be providing it with fuel for further momentum, which is a sign that bulls are in full control of the mid-term trend
- Where the market heads next will undoubtedly depend on whether or not bulls can guard against a deeper retrace in the near-term
- One analyst is noting that Bitcoin could soon breach $50,000, which he calls the first serious barrier before it makes a run towards $100,000
Bitcoin and the entire crypto market moved significantly higher today, with bulls taking full control of the market as they extend the momentum that has been seen throughout the past few weeks.
The price action seen today certainly speaks to the overwhelming strength that bulls have over the market at the present moment. Whether or not it can be sustained will offer significant insights into which stage this rally is in.
One trader expects a move to $100,000 in the relatively near future, noting that a break above $50,000 could significantly accelerate this rally.
Bitcoin Surges to $40,000 Before Facing Wild Correction
At the time of writing, Bitcoin is trading up just over 6% at its current price of $39,000, which marks a slight dip from daily highs of $40,000.
After these highs were set, the cryptocurrency’s price tanked to lows of $36,000 in a sudden drop that was instantly absorbed by buyers, with the crypto subsequently rallying all the way back to its current price levels.
This volatility isn’t abnormal in these market conditions and is to be expected in the weeks and months to come.
Analyst Claims $100,000 Per BTC Could Come About Rapidly
One trader explained in a recent tweet that he is closely watching to see if Bitcoin can break above $50,000, as this is the last major psychological barrier before $100,000, he claims.
As such, a break above this level could lead to an accelerated rally up towards the six-figure price level.
“Already closed the $BTC charts when we went above 20k. I see no point in watching. First psychological resistance is $50k and if we break that $100k will come in a matter of weeks. No need to complicate.”
The coming few days should shine some light on where the market trends next, as Bitcoin’s present volatility could help shape the mid-term trend.
Featured image from Unsplash. Charts from TradingView.