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Bitcoin Price on Track for $40,000 Despite Bearish Indicators

BITCOIN PRICE ON TRACK FOR $40,000
BITCOIN PRICE ON TRACK FOR $40,000

In a recent video, cryptocurrency analyst Nick discussed the latest developments in the Bitcoin market and provided an in-depth analysis of price action. Nick’s analysis suggests that Bitcoin is on track to reach $40,000, despite some bearish indicators.

Recent Price Action

Bitcoin has experienced a three-wave corrective pattern to the downside, with a target range between $34,653 and $35,187. However, smart money concepts indicate a reversal to a bullish structure after a closed candle above the previous high.

Key EMAs and Resistance Levels

Bitcoin has successfully battled and crossed key EMAs (50 EMA, 50 SMA, and 200 EMA) on the 1-hour chart. However, a potential bearish double top pattern is observed, with a new local high around $37,980. This suggests a further downside correction toward the 50 EMA (between $36,682 and $36,957) before an upward surge.

Long-Term Targets

Long-term targets for Bitcoin remain in the range of $38,753 to $40,080 for the final fifth wave movement on the daily chart. However, Nick emphasizes the importance of assessing support levels at $30-31,000, $24-25,000, and $20-21,000 in case of potential corrections.

Low Trading Volumes and Bearish Indicators

Low trading volumes on exchanges like Bitstamp and Binance raise concerns about potential market manipulation. Additionally, bearish divergence on the daily timeframe and Bitcoin dominance slipping suggest that altcoins may see a temporary rise.

Nick’s Advice and Conclusion

Nick encourages viewers to share their thoughts in the comments and stresses the need for a realistic approach to potential downside corrections in the market. He believes that Bitcoin is on track for $40,000, but investors should be prepared for potential volatility along the way.

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