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Bitcoin Price Breaks Out: $40,000 Next?

Bitcoin Price BREAKS OUT ... $40,000 NEXT?
Bitcoin Price BREAKS OUT ... $40,000 NEXT?

Renowned crypto analyst Nick breaks down the recent price action of Bitcoin, predicting a potential surge towards $40,000 and beyond.

Key Takeaways:

In-Depth Analysis:

Nick meticulously analyzes Bitcoin’s price action, starting with the 1-hour chart on Binance. He identifies a new higher high formed above $37,918, suggesting a potential upward move. He expects a three-wave pattern to unfold, targeting the range of $38,753 to $40,080.

Delving into smart money concepts, Nick highlights the alignment of EMAs and SMAs, further confirming the bullish structure. Transitioning to the daily chart, he identifies an expanding diagonal pattern for the fifth wave, reinforcing the uptrend.

However, Nick cautions viewers about potential retracements. He anticipates a pullback after reaching the target range, possibly targeting $30,000 to $31,000. This retracement could be a healthy consolidation before resuming the uptrend.

On the weekly chart, Nick observes overbought conditions and a bearish ascending triangular wedge, indicating a potential bearish reversal. He predicts a possible drop to $24,000 and even $20,000, suggesting a cautious outlook.

Analyzing historical percentage drops during overbought conditions, Nick highlights the possibility of a significant correction. The monthly perspective also shows overbought status, anticipating a 40% to 50% reduction. This suggests that Bitcoin’s current rally may be running out of steam, potentially leading to a new bear market low.

Closing Thoughts:

Nick concludes by asking viewers for their thoughts in the comments section, encouraging likes, subscribes, and Discord participation. He ends the video with an upbeat note, wishing viewers a fantastic day.

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