🚨🚀 The price of bitcoin is stressed at $40K; will buyers push it up to $45K?

This week saw a significant decline in Bitcoin, possibly marking the start of a negative week following an eight-week bull run. For this to occur, though, the closing price on Sunday needs to be less than $43,786. This allows buyers ample time to recapture the trend momentum and, should the retest phase be successful, drive the price of bitcoin over $45K.

With Monday's 5.81% decline to start the week, the profit booking frenzy erases a large portion of last week's rally. The price of Bitcoin is currently retesting the $40K break and has also broken through a crucial trendline.

The retreat trend from ATH has been generally decreasing, with almost 90% of the decline occurring during the bad market of 2011. With the exception of FTX's black swan event in 2022, the ATH pullback phase is becoming less intense, having decreased from 85% in 2015 to 75% in 2020.

Buyers will probably be able to restart the upswing and seek 25% higher in order to achieve the $50,000 milestone if Bitcoin sustains above $40,000. The price of bitcoin is expected to reach levels beyond $50,000 in 2024, possibly setting a new 52-week high.

Conversely, if the market is unable to hold above $40K, the corrective wave will probably continue dangerously long. In this scenario, it is likely that Bitcoin will revisit the critical $37,700 support level of the rising trendline and the 50D EMA.

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