- An analyst posted that Bitcoin’s uptick may not be over for the year, predicting another uptrend.
- BTC attempted to cross $38,000 but was rejected at $37,917.
- If buying pressure increases as it has in the last 24 hours, BTC may hit $40,000.
Crypto analyst Michaël van de Poppe, in a post shared on X, noted that Bitcoin (BTC) could soon hit another high. From the chart he shared, the analyst revealed that BTC may climb above $38,126 anytime from now on.
With a Year-To-Date (YTD) performance spanning a 125.57% increase, BTC jumped another 5.21% in the last 24 hours. However, van de Poppe’s post also showed that the uptick could result in a decline in the $36,000 direction.
At the time of writing, BTC was changing hands at $37,501. The hike in BTC’s value could be linked to the opportunity buyers may have spotted on the BTC/USD chart.
Up Only for Bitcoin?
A look at the Relative Strength Index (RSI) showed that the value dropped to 26.22 on November 14. Typically, an RSI reading less than 30 implies that a cryptocurrency is oversold and the price in that particular region could be a buying opportunity for some region.
So, it was not surprising when buyers attempted to push up the Bitcoin price to $35,300. In the early hours of November 16, BTC tried to hit $38,000 but was quickly rejected as the price fell back to $37,520.
Also, the chart below shows that Bitcoin’s volatility has increased. This increase implies that market players can expect significant price fluctuations in the short term. Should the buying pressure further increase, a move towards $40,000 may be possible due to these signals by the Bollinger Bands (BB).
Concurrently, significant selling pressure could direct BTC’s price southward. Further indications from the BB showed that Bitcoin was overbought at $37,917. This was because the upper band of the BB touched Bitcoin at $37,917.
In the meantime, it is unlikely for BTC to fall to $36,000, considering the current bullish sentiment in the market. Therefore, BTC has a chance of crossing $38,000 if the buying pressure in the market increases.
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