ššššBitcoin Price Prediction as $40,000 Resistance Comes into Play ā Can BTC Reach $50,000 This Week?
As Bitcoin soars to a striking $39,390, up by a significant 1.50% in the last day, the crypto community is abuzz with anticipation.
The spotlight is firmly on Bitcoinās next potential feat: breaking the formidable $40,000 resistance. Speculations are rife, with some market enthusiasts, like Arthur Hayes, optimistically expecting December to bring further highs.
Simultaneously, financial experts like Jenny Johnson from Franklin Templeton are delving deep into cryptocurrency investing and exploring the integration of blockchain technology, keeping a close eye on the evolution of Bitcoin ETFs.
The question on everyoneās mind now is whether Bitcoin can sustain this momentum and catapult past $50,000 this week.
Arthur Hayes Forecasts a December Bull Run for Bitcoin
Arthur Hayes, former CEO of BitMex, is expressing excitement over potentially market-moving developments, This is a reference to Federal Reserve Chairman Jerome Powellās imminent address
Hayes is expecting a significant moveāa rate reduction that could send Bitcoin to all-time highs. Historically, December has been a strong month for Bitcoin, particularly following successful closures in October and November.
šBitcoin Price Predictionš
In the current technical landscape for Bitcoin, as observed on December 3, the digital asset is trading near $39,564, showing marginal movement in the last 24 hours.
The daily chart unfolds within an ascending channel pattern, hinting at a bullish bias among market participants.
Key resistance and support levels are closely watched, with immediate resistance at $40,082, and further barriers at $41,941. Support levels lie at $38,033, followed by $35,200 and $34,971.
The RSI hovers around 68, flirting with the overbought territory, yet not conclusively signaling a reversal.
The price positioning above the 50-day EMA reinforces the short-term bullish trend.
