Bitcoin price that maintained a narrow trend since the mid-May crash, is yet again attempting to rise above $40k anytime from now. The prominent case about the bull market is the strong bounce at $31,000 each time it visits. And hence keeping the uptrend of the BTC price movements intact.
As the price swelled nearly 9% since Elon Musk hinted of a possible resumption of the BTC payment for Tesla car, more uptrend may be on the cards. The price is currently testing the upper resistance levels and hence a major breakout appears imminent. The price is expected to hit $44,000 anytime this week as predicted by an analyst.
The analyst said that the bitcoin is all set to undergo a breakout after not being able to break the major support levels around $31,000, multiple times. Therefore the rally is getting exhausted and will result in a massive uptrend to hit the target at $44,000.
However, the bull rally may continue to move to newer highs in the coming days after smashing $44,000. As predicted by a popular analyst, Galaxy Trading, currently the price is aiming for $42,000 area. One done, the gates for $48,000 to $50,000 may be accessible.
The bitcoin price rally has accelerated with the fresh surge may be due to the possible resumption of the BTC payments for the purchase of Tesla Car. Moreover building the bullish momentum BTC price may recover the previous month losses and regain the levels above $60,000.