Bitcoin Price Analysis: Analyst Predicts $40,000 Target
In a recent analysis, crypto analyst and trader FieryTrading has outlined a potential path for the Bitcoin price to reach $40,000. The analysis, posted on TradingView, highlights the fact that Bitcoin has been trading in a tight bullish channel since October.
According to FieryTrading, the steady recovery and higher lows that have characterized Bitcoin‘s movement since October indicate that the asset is “classically getting ready for the next pump.” The analyst believes that Bitcoin will continue to move up in the coming days, with the first target of $37,000 already being surpassed on November 9.
The analyst expects a retest of the top channel as a confirmation of the breakout, with the price target for this resurgence set at $40,000. However, FieryTrading acknowledges the risk of a potential massive selling that could drag the price back down to $37,000, but remains optimistic, stating that it is healthy for the price to retest the top resistance of the channel.
In a November 9 update, FieryTrading revealed that Bitcoin has indeed hit the top of the channel, which could lead to a temporary rejection followed by a breakout to the upside. The chart marks a retracement after which the price moves toward the $40,000 target.
Despite the possibility of a deeper crash than expected, FieryTrading’s forecast still holds, with the analyst advising to keep an eye out for a V-shape bounce and to navigate longs and shorts while keeping the trend intact.
According to FieryTrading, the top of the channel has been hit, confirming the analyst’s initial expectations. The analyst remains confident in Bitcoin’s potential for a significant price surge, despite the inherent risks associated with such predictions.
Featured image from Investing News Network, chart from Tradingview.com
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