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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Ready To Take-Off? Analyst Who Predicted $37,000 Reveals What’s Next

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin

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Bitcoin is still seeing an impressive run but speculations on where the asset is headed next are running wild. A crypto analyst has shared their own expectations for the leading cryptocurrency, considering both sides of the coin and the possible price marks it can achieve.

Bitcoin Price Gunning For $40,000

In an extensive analysis, crypto analyst and trader FieryTrading has mapped out how the Bitcoin price could reach $40,000. The analysis which was posted on TradingView starting November 8 points out the fact that the BTC price has continued to trade in a tight bullish channel since October.

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This was proven to be true when the price of the asset actually jumped above $37,000 later before the pullback to the mid-$36,000s. The steady recovery that has categorized Bitcoin dips since the rally began in October has been making higher lows, as the analyst points out. FieryTrading refers to this as something that shows that an asset is “classically getting ready for the next pump.” Further adding that: “I think that the same goes for BTC.”

Bitcoin

Source: Tradingview.com

The analyst expects that Bitcoin will continue to move up in the coming, and their first target of $37,000 was already crushed on November 9. Then following this, the analyst expects “a retest of the top channel is to be expected as a confirmation of the break out.”

Naturally, the price target for this resurgence has been placed at $40,000 by FieryTrading as long as the top of the channel mentioned has been hit. In a subsequent post, the analyst confirms that this has indeed happened.

BTC Marks Time For Recovery

In a November 9 update, FieryTrading revealed that Bitcoin has indeed hit the top of the channel which could lead to a rejection. However, the analyst explains that this rejection will only be temporary and could be followed by a breakout to the upside.  The chart marks a retracement after which, the price does move toward the $40,000 target.

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However, it is not set in stone that a rally to $40,000 will take place, and like any analysis, there is always the risk of it being invalidated. FieryTrading points out that Bitcoin could see massive selling that could drag the price back down to $37,000. But even this does not deter the trader who believes “It’s healthy if the price retests the top resistance of the channel.”

The latest update to the analysis acknowledges a deeper crash than expected but it seems the analyst’s forecast still holds. “Eyes open for V-shape bounce. Whipsaw longs & shorts at the same time while keeping the trend intact,” FieryTrading says.

Bitcoin price chart from Tradingview.com (Crypto analyst)

BTC bulls hold $37,000 | Source: BTCUSD on Tradingview.com
Featured image from Investing News Network, chart from Tradingview.com

 

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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