Bitcoin enters in make-or-break phase, chances to hit $40k?

Now the Bitcoin market is currently in the critical phase where we can’t precisely predict the up/down sentiments but legend traders believe some big correction before the $40k level.

The current trade price of Bitcoin (BTC), the top crypto asset by market, is $36,849 & this trade price is 2.37% high over the last 24 hours trade price.

Parabolic up>>&>>down in within 24 hours showing the level of panic among the #bitcoin investors pic.twitter.com/DSXTB9A3F5

— Bitcoinik – Next Generation Bitcoin Media (@Bitcoinikdotcom) November 16, 2023

In the last 24 hours, the trade price of bitcoin hit $38,000 at some crypto exchanges and after that started to follow a parabolic downfall in steps. 

According to veteran Bitcoin traders, the trade price of Bitcoin will touch $40k if it maintains the trade price at $38k. Bitcoin price analysts also suggested spot traders maintain Bitcoin investment for some long periods because it is going to go up.

#Bitcoin Price Update

1. We went a little deeper than expected but pullback buy zone held. Passive limit orders absorbed market selling on perps there.

Move above $37k was shorts scaling out causing the pop (Open Interest went down while net shorts closed)

Rejected after… pic.twitter.com/JOFzZ0kNNo

— Emperor (@EmperorBTC) November 16, 2023

Few Bitcoin traders noted that Bitcoin will likely to follow a strange pattern unlike it followed in the past bull cycles because here many factors are favouring the bull sentiments i.e. Bitcoin halving, the US presidential election, approval of Bitcoin spot ETF applications, & also the usual bull cycle. 

#Bitcoin 's recent price action outperforms the last 2 cycles.

Bitcoin ETF – Approximately 2 months
BTC Halving – 152 days

Based on the data, the pivot point commenced on Nov 21.

Keep in mind that the Bitcoin ETF approval could come at any point within the next two months. pic.twitter.com/kNqgSPNK3r

— Layergg (@layerggofficial) November 16, 2023

Here we can expect very less possibilities for bitcoin trade price to face correction, obviously for the next 5-6 months. 

Recently Ark Investment CEO Cathie Wood passed her opinion on this initial phase of the bull run and said that 21 million is the limited supply of bitcoin but demand is going to surge rapidly.

Wood also said that her prediction for bitcoin is $600k by the next 6 years, on behalf of the analysis by Ark firm team.

NEW: Cathie Wood says her base price for #Bitcoin is $600k pic.twitter.com/Tp4vy9SKWU

— Bitcoin Magazine (@BitcoinMagazine) November 15, 2023

El Salvador on Bitcoin vehicle

The whole world knows very well that the central American country El Salvador adopted Bitcoin as a legal currency in the middle of 2021 and the country started to use Bitcoin as a legal tender on 7 Sep 2021. 

Since the date, the trade price of Bitcoin is 120% that doesn’t mean that El Salvador is in 120% profit with Bitcoin investment. 

It’s been one year since Bukele announced that El Salvador would DCA into #Bitcoin by buying 1 #BTC a day

Since then #Bitcoin is up 120% pic.twitter.com/LPLHxZwGKQ

— Bitcoin News (@BitcoinNewsCom) November 16, 2023

Currently, El Salvador is holding a net of 310 bitcoins, including buying 1 Bitcoin per day since the beginning of this year under the leadership of the country’s president Nayib Bukele. 

With this holding, El Salvador is still in nearly 10% loss, as the country purchased bitcoin at very high prices in 2021.

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