Bitcoin has been trading sideways around $29,360 lately. It is up just 1.3% over the last week. However, experts think Bitcoin may soon see more significant gains.
There are several bullish signs that point to Bitcoin’s price rising soon. Important technical indicators show Bitcoin pushing against higher resistance levels near $30,000. On-chain data also shows increased demand from investors accumulating Bitcoin.
If Bitcoin can break above the $30,000 resistance, analysts think the price could rally back to $40,000. Though Bitcoin may continue to see short-term volatility, the long-term outlook looks positive.
Prominent analyst CrediBULL believes Bitcoin will likely stay above $29,000 this week. He notes Bitcoin is ranging between $28,700 support and $30,000 resistance currently.
CrediBULL thinks Bitcoin will likely retest $30,000 soon. Breaking above that level could push the price to $32,000. But failing to break out could see Bitcoin fall back to $28,700. For now, Bitcoin seems to be consolidating around $29,600 on low Sunday trading volume.
Analysts remain cautiously optimistic on Bitcoin as long as $28,700 holds. They expect a potential upside breakout if bulls can push Bitcoin above $30,000 resistance decisively. Traders are watching to see if Bitcoin can gain upside momentum.
Fundamental factors also look positive for Bitcoin despite recent spot ETF delay news. Leading voices expect an ETF approval would be a huge catalyst. The 2024 halving also builds long-term optimism. Ranging sideways now may set the stage for Bitcoin’s next major rally.
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