Bitcoin past $30,000 is $40,000 next?

BTCUSDT

Bitcoin and Ether have surpassed the key psychological levels of 30,000 and 2,000 respectively, indicating that the crypto winter could be coming to a close. While some analysts are predicting an altseason, it may be premature. Typically, when most crypto bears become bullish, Bitcoin experiences a sharp decline, which catches latecomers off guard and could negatively impact sentiment and result in an altcoin sell-off. However, once the weak hands have been eliminated, the crypto markets may stabilize and commence a sustained uptrend.

The Bitcoin price analysis indicates that the bulls have resumed purchasing after the bears tried to stall the up-move on April 12, as they cleared the hurdle at 30,550 on April 14. If the BTC/USDT pair is sustained above 30,550, it may rally to 32,400, and if the level at 32,400 is scaled, the pair may zoom toward 40,000. Conversely, if the 20-day EMA cracks, it suggests that the bears are making a comeback, paving the way for a possible drop to 25,250.

According to Glassnode, an on-chain intelligence platform, the current having cycle has similarities with previous ones. However, Ecoinometrics cautioned that an economic recession could disrupt this trend.

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