Bitcoin is ready for $40k

[Velemir Sava]

It needs a process of course and this is inseparable from Market Sentiment and Individual Expectations which play an important role in short-term price movements, as well as unfavorable negative news that can reduce investor confidence. But, what is certain is that Cryptocurrency Markets may experience periods of consolidation or correction before continuing their upward recovery. It takes patience and a long-term view to successfully navigate the volatile nature of the market and my view is that BTC could at least break through the $28,447 resistance first and then back up again.

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[Inspiron14]

These days the price continues to decline and according to the predictions of many experts because many of the big altcoins that enter the top 10 are under pressure, but we have to be optimistic that $ 40k is an easy price to reach, I believe 3 or 4 months before the halving the price will reach $ 40k soon and now a good time to keep buying before it gets more expensive.

We argue more for Bitcoin to be back at $30k or so, with the prediction of movement above that number we feel the good news is that maybe it will reach $40k, but we don't think this will happen in the near term, Bitcoin is so far still going under $30k down, it's hard to say that he'll reach $40k, unless there's going to be such a significant pump that makes Value increase.

If Bitcoin is able to penetrate another $ 30k then $ 40k or $ 50 might be achieved,
but indeed the price of Bitcoin is still below $ 30k even now it could fall deeper,
hopefully the price of Bitcoin can be stopped at $ 24k or $ 25k in this dump,
there's nothing I can do but hold bitcoin for the long term.

[Questat]

It needs a process of course and this is inseparable from Market Sentiment and Individual Expectations which play an important role in short-term price movements, as well as unfavorable negative news that can reduce investor confidence. But, what is certain is that Cryptocurrency Markets may experience periods of consolidation or correction before continuing their upward recovery. It takes patience and a long-term view to successfully navigate the volatile nature of the market and my view is that BTC could at least break through the $28,447 resistance first and then back up again.

Isn't the process I think but what we need in order for the price of Bitcoin to rise high is adding more users, continuous adoptions, and of course, it needs investors that are willing to hold. As we are in this current situation while the spread of FUDs is strong, panic sellers had increased which turn back the declining trend of Bitcoin. It is a need for us to convince people to have some faith otherwise, we fail to reach $40k this year.

[kotajikikox]

Chart Timeframe: Weekly

I have been watching the market closely since the month of June enters and yet have not seen big difference from what we have since March .

You can clearly see how the Bitcoin Price broke the resistance at 0.33 Fib level and now this week, it made it a support.
I am speculating that we are about to head to the $40k Range.

but about this breaking ? well how many times that resistance had been broken but still we did not see 40k closely , the recent hype only manage below 35k .

Let me know what you think about it.

what I want to understand ? is aside from that resistance breaking  is other reason why we will be making more than 40k sooner.

[dragonvslinux]

You can clearly see how the Bitcoin Price broke the resistance at 0.33 Fib level and now this week, it made it a support.
I am speculating that we are about to head to the $40k Range.

It's a nice theory, as I agree that 0.33 Fib was the previous resistance level, and this gives a target of around $40K with another +65% move to the upside. Fib or no fib really.

However this clearly depends on the previous resistance level acting as support around $25K, which so far is yet to be seen. Admittedly when you created the topic the Weekly candle was looking strong, but after the bearish close last week, also below the 200 WMA, the bullish setup is far from validated. This would also be the issue of intra-week analysis on the Weekly time-frame, as it's always unconfirmed.

[jostorres]

It needs a process of course and this is inseparable from Market Sentiment and Individual Expectations which play an important role in short-term price movements, as well as unfavorable negative news that can reduce investor confidence. But, what is certain is that Cryptocurrency Markets may experience periods of consolidation or correction before continuing their upward recovery. It takes patience and a long-term view to successfully navigate the volatile nature of the market and my view is that BTC could at least break through the $28,447 resistance first and then back up again.

A lot of us has the same impression as you. We started positive this year and this downfall that we experience is still nothing. Maybe we can only change our views once it lasted for a long time but 2024 is surely going to be a positive year. When you say avoid, I think that means we need to go outside for a while. That is helpful for someone who is worried but for some who are already immune to these ups and downs, they can monitor their assets actively.

What happen lately is not what you call a storm since the decline was still small but even if it is, it will surely pass. No storm remains even in the world. $40k seems high to me already so I considered it as bullish but for now, BTC is not ready for it.

[OgNasty]

I would agree that Bitcoin is nearing the next leg up.  I think a little bit of concern around the mtgox situation still remains, but once that is behind us I think we'll end the year in the $40K range.  The real fireworks will begin at the end of next year though.  I think if you're holding Bitcoin here, you have to commit to holding until the 2025 top plays out just to see what you could get if the market does repeat itself again for the 4th time.  I have my concerns whether the Bitcoin economy can survive another massive price increase, but I do suspect we'll get our answer shortly after the next Presidential election in the US.

[Chainsmokers]

Bitcoin will reach $40k when the time comes! Of course there will be volatility before that happens,
maybe a bear trap will occur before the bulls come,
just like in 2020 when the bitcoin price dumped to the level of $3000-$5000 where a panic sell occurred,
after that the bullrun came great and peaked in 2021 to a new all time high,
I'm sure $40k and a new all time high will come again but it has to take victim first like 2020.

[darkangel11]

Bitcoin broke into the support area during the binance news. And even after coinbase news it still managed to hold the low. So it basically stopped out all the leveraged longs and reversed.

The fact that it completely engulfed the previous breakdown candle is very bullish. I think we will break the yearly high soon and make our way to the $35ks.

Can we really talk about a support when people are selling only to move money to another exchange?
A lot of the recent sell pressure is a simple relocation and or saving your money from a potential risk of exchanges going down. It's not related to whether bitcoin is a good buy or not.
I feel like this pressure is artificial and is going to pass soon, especially now that people are starting to understand that even if the SEC wins against exchanges it won't happen this or next year. It's going to take a long time and will ultimately lead to creation of bitcoin-only exchanges.

[bayu7adi]

Bitcoin will reach $40k when the time comes! Of course there will be volatility before that happens,
maybe a bear trap will occur before the bulls come,
just like in 2020 when the bitcoin price dumped to the level of $3000-$5000 where a panic sell occurred,
after that the bullrun came great and peaked in 2021 to a new all time high,
I'm sure $40k and a new all time high will come again but it has to take victim first like 2020.

That makes perfect sense. It can occur when whales seek to manipulate the market in order to acquire Bitcoin at a lower price. However, it cannot happen too frequently to avoid compromising Bitcoin's natural characteristics.

This approach is better suited to occur once every few years, but the potential gains obtained are substantial enough to wait for the next wave. The $40k mark is a challenging one, considering the strong resistance at $35k, which acts as a significant barrier to price movements.

If Bitcoin manages to break through the $35k mark, in that particular year, its price will surge once again, reaching $40k or even higher.

[BITCOIN4X]

I would agree that Bitcoin is nearing the next leg up.  I think a little bit of concern around the mtgox situation still remains, but once that is behind us I think we'll end the year in the $40K range.  The real fireworks will begin at the end of next year though.  I think if you're holding Bitcoin here, you have to commit to holding until the 2025 top plays out just to see what you could get if the market does repeat itself again for the 4th time.  I have my concerns whether the Bitcoin economy can survive another massive price increase, but I do suspect we'll get our answer shortly after the next Presidential election in the US.

The Mtgox situation has certainly not gone unnoticed by investors at this time, but investors can still consider the DCA strategy. We must prepare this plan well because the FUD regarding Mtgox will not be much bigger than the potential that can be generated after the halving. The Mtgox problem has been dragging on without a clear resolution, even the distribution plan is not known for its exact date. Of course there is a risk of a deep correction if Mtgox distribution done this year, but I'm not sure they will do it this year.

[Kemarit]

I would agree that Bitcoin is nearing the next leg up.  I think a little bit of concern around the mtgox situation still remains, but once that is behind us I think we'll end the year in the $40K range.  The real fireworks will begin at the end of next year though.  I think if you're holding Bitcoin here, you have to commit to holding until the 2025 top plays out just to see what you could get if the market does repeat itself again for the 4th time.  I have my concerns whether the Bitcoin economy can survive another massive price increase, but I do suspect we'll get our answer shortly after the next Presidential election in the US.

Yes, we are still being haunt by Mt. Gox up to this time.

But I'm thinking if ever we get to touch $40,000 this year, it could be the start of a bullish flag leading to to next year's block halving. So this is definitely a good price to see as again, it might be a bullish pattern is slowly emerging. But there are a lot of obstacles right now, in if you are talking about the US elections, not sure though, it seems that the Democrats attack on crypto might be their own wrongdoing, IMHO.

[Ngemmeng]

yes bitcoin was poised for $40k but $30k resistance was a strong barrier and now the SEC is also a barrier 
With the SEC issue I'm not sure that in the near future bitcoin will reach $ 40k, but if you talk about this year it is still very likely to reach $ 40k because what I know the SEC issue is only temporary and short.

[IvugeoEvolutionCoin]

yes bitcoin was poised for $40k but $30k resistance was a strong barrier and now the SEC is also a barrier 
With the SEC issue I'm not sure that in the near future bitcoin will reach $ 40k, but if you talk about this year it is still very likely to reach $ 40k because what I know the SEC issue is only temporary and short.

Bitcoin market is not going above 30$k. But hopefully by the end of this year maybe we will see Bitcoin touch 40$k. But now we have to see if SEC will solve it then Bitcoin price will start to increase again. Now Bitcoin  Its market is on hold for the SEC. However, it is expected that the Bitcoin market will start to grow very quickly.

[Republikcoin.com]

yes bitcoin was poised for $40k but $30k resistance was a strong barrier and now the SEC is also a barrier 
With the SEC issue I'm not sure that in the near future bitcoin will reach $ 40k, but if you talk about this year it is still very likely to reach $ 40k because what I know the SEC issue is only temporary and short.

How did you know that it was only an issue? If you often read the news on several trusted websites about SEC turmoil, I'm sure you won't say this is an issue, especially if you say it's temporary. You need to know that the SEC is investigating a large exchange with various claims and accusations so exchanges like Binance certainly cannot remain silent because this problem needs to be resolved by themselves for the sake of their good name and to restore the trust of many people to Binance.

Bitcoin market is not going above 30$k. But hopefully by the end of this year maybe we will see Bitcoin touch 40$k. But now we have to see if SEC will solve it then Bitcoin price will start to increase again. Now Bitcoin  Its market is on hold for the SEC. However, it is expected that the Bitcoin market will start to grow very quickly.

The reason for the difficulty of increasing lately is indeed related to the SEC, but what you need to understand is that the SEC has never held Bitcoin prices in the market even though the increase seems to be on hold because there are many parties who are securing their assets by not making new purchases on Bitcoin. And even some of them have also exchanged Bitcoin for other assets that are more stable, even if it's only for a while or before the problem from the SEC is over.

[TravelMug]

yes bitcoin was poised for $40k but $30k resistance was a strong barrier and now the SEC is also a barrier 
With the SEC issue I'm not sure that in the near future bitcoin will reach $ 40k, but if you talk about this year it is still very likely to reach $ 40k because what I know the SEC issue is only temporary and short.

Bitcoin market is not going above 30$k. But hopefully by the end of this year maybe we will see Bitcoin touch 40$k. But now we have to see if SEC will solve it then Bitcoin price will start to increase again. Now Bitcoin  Its market is on hold for the SEC. However, it is expected that the Bitcoin market will start to grow very quickly.

We have hit $30k before, it even goes up to $31k, it's that there is no momentum or everyone is just waiting for that price and then sell some of their stash. So after the sell-off we've seen the pattern emerges, and it is sideways now.

And even with the whole Binance fiasco, the price is not that really affected as we continue to do sideways pattern. However, in the long term, I do see the price hitting above $30k. We will just have to give it sometime to grow and let everything settles down and hope that there will be no negative news in the last quarter of the year.

[STT]

Not yet not today or this week even.   What I expect is a series of measures but altered and broken almost before we can alter course properly.  BTC is so erratic it can seem to be more positive (also negative) then it actually is, what we really want is consistency, multiple perspectives.
  So far the downtrend is intact but its not a large one and I think we'll eventually turn around.   Top of the range, might challenge or can just repeat.

I would normally snip the chart but people like full context, this trend is fairly short term just months.  It can be beaten but hasnt yet.

[goaldigger]

yes bitcoin was poised for $40k but $30k resistance was a strong barrier and now the SEC is also a barrier 
With the SEC issue I'm not sure that in the near future bitcoin will reach $ 40k, but if you talk about this year it is still very likely to reach $ 40k because what I know the SEC issue is only temporary and short.

This is just a temporary issue and the issue is not about Bitcoin anyway, and SEC is not restricting the whole cryptomarket, the issues are about the CEX. Halving will still affect the price of Bitcoin and despite of the FUD, I’m sure BTC will still prevail. For now, we might not see that $40k level, but I’m very bullish for next year and that could be the best year again for Bitcoin, so be patient and buy more BTC.

[Iranus]

yes bitcoin was poised for $40k but $30k resistance was a strong barrier and now the SEC is also a barrier 
With the SEC issue I'm not sure that in the near future bitcoin will reach $ 40k, but if you talk about this year it is still very likely to reach $ 40k because what I know the SEC issue is only temporary and short.

This is just a temporary issue and the issue is not about Bitcoin anyway, and SEC is not restricting the whole cryptomarket, the issues are about the CEX. Halving will still affect the price of Bitcoin and despite of the FUD, I’m sure BTC will still prevail. For now, we might not see that $40k level, but I’m very bullish for next year and that could be the best year again for Bitcoin, so be patient and buy more BTC.

This is not a direct SEC issue with bitcoin, but it is undeniable that bitcoin has also been affected by the lawsuits surrounding the SEC and CEXs.
In the short term, Fuds will have a significant impact on bitcoin, and it will hinder the growth of bitcoin, whether it is directly or indirectly related to bitcoin. But in the long run, Fuds can't last, things will soon get boring even if it doesn't have a final result yet. So if someone has long term goals, Fuds will not only not affect them but also be a good opportunity to buy bitcoin cheaply.

[bitzizzix]

yes bitcoin was poised for $40k but $30k resistance was a strong barrier and now the SEC is also a barrier 
With the SEC issue I'm not sure that in the near future bitcoin will reach $ 40k, but if you talk about this year it is still very likely to reach $ 40k because what I know the SEC issue is only temporary and short.

This is just a temporary issue and the issue is not about Bitcoin anyway, and SEC is not restricting the whole cryptomarket, the issues are about the CEX. Halving will still affect the price of Bitcoin and despite of the FUD, I’m sure BTC will still prevail. For now, we might not see that $40k level, but I’m very bullish for next year and that could be the best year again for Bitcoin, so be patient and buy more BTC.

This is not a direct SEC issue with bitcoin, but it is undeniable that bitcoin has also been affected by the lawsuits surrounding the SEC and CEXs.
In the short term, Fuds will have a significant impact on bitcoin, and it will hinder the growth of bitcoin, whether it is directly or indirectly related to bitcoin. But in the long run, Fuds can't last, things will soon get boring even if it doesn't have a final result yet. So if someone has long term goals, Fuds will not only not affect them but also be a good opportunity to buy bitcoin cheaply.

What affects the decline in the price of bitcoin is not due to one or several factors but many factors that can influence it, and this is what causes the price of bitcoin to be unpredictable.
and FUD always exists from time to time and this is inseparable from bitcoin and also other crypto and this is also what causes many investors especially beginners to panic and make mistakes and sell with small losses or profits but over time they will learn everything and it will not longer affect them because of experience. And also realizing that the long term is best and to get through it all, they will even take advantage of the accumulation if the moment comes again and then hold it for the long term.