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At the time of writing, the price of Bitcoin was hovering above $37,600, trying to set its daily peak. The increasing buying pressure in the spot markets has allowed the price to reach its daily high. Moreover, this movement could lead to a retest of $38,000 in the coming hours.
How Much Will Bitcoin Be Worth?
Credible Crypto, a popular crypto strategist who has reached a significant number of investors with his accurate predictions in the past, currently sees Bitcoin fluctuating between $38,000 and $34,800, with a target of $40,000. According to the analyst, yesterday’s sharp drop in Bitcoin pushed BTC to low ranges that he referred to as the “demand zone.” If BTC holds onto the demand zone, the king cryptocurrency could quickly reach $40,000.
At the time of writing, we are seeing a movement that confirms the analyst’s view. In fact, the price is heading towards the $38,000 resistance instead of lower levels. The fear that the Binance case would trigger a major collapse has become a nightmare for investors, but the leading cryptocurrency exchange has managed to start fresh in the US without any issues.
Expert Opinion on Cryptocurrencies
For risk markets, 2024 will be a festive period with a 100bp rate cut by the Fed and probably more if inflation continues to decline and employment loosens. It is impossible to predict the future from today, and we cannot know what will happen, but this is what is expected under normal conditions. So, what does Credible say?
“In one of my recent video updates, we worked in the same range, and there could be a downward movement towards lower ranges from the $38,000 peak points. This downward movement resulted in a wick at $35,500, located inside the blue circle below.
This area we bounced from was a significant demand level formed with a deviation below the lowest levels of the range.
If this consolidation is part of a wider accumulation range, this demand zone should be maintained. Therefore, unless the demand zone on higher timeframes is violated, wicks below $35,500 may not prevent us from rising.”
Kaleo is also among the experts who strengthen the expectation of an upward movement following recent developments.
“And here is your dip. Red (bearish candles) are meant to be bought.”