Analyst Predicts BTC’s Positive Trend Is Likely To Continue

Cryptocurrency trader and investor, Daan Crypto, shared in an X post on Saturday that Bitcoin’s (BTC) positive trend could continue. The trader’s prediction was largely based on the fact that the market leader is currently working on its fourth consecutive green week.

Additionally, BTC was also trading well above its bull market support band on the weekly chart. Although he is optimistic about BTC’s positive trend and the possibilities that it may continue, the trader did warn that there could still be dips along the way.

#Bitcoin Working on it’s 4th consecutive green week and trading well above it’s bull market support band.

The trend is up and there’s no way around that.

There will be dips along the way but as this keeps trending up, the trend is your friend. pic.twitter.com/Gwh93Yx3U3

— Daan Crypto Trades (@DaanCrypto) November 11, 2023

Heading into the new week, BTC was one of the many tokens that saw its price decrease. Data from CoinMarketCap indicated that the cryptocurrency king was worth $36,987.75 after experiencing a slight 0.50% price dip. BTC was able to set a high price of $37,405.12 but has since retraced to trade at its current level.

Meanwhile, BTC’s 24-hour trading volume rose by 0.84% since yesterday, causing it to jump to $13,098,205,251. BTC’s latest price success was also still evident in the fact that its weekly performance was in the green by over 6%.

Daily chart for BTC/USDT (Source: TradingView)

BTC was resting on the $36,900 support level and may be at risk of falling below this mark given it had fallen below a positive trend line over the past 48 hours. This trend line formed on BTC’s chart over the past couple of weeks after the cryptocurrency printed higher lows and higher highs during this period.

Should the leading cryptocurrency’s price fall below this key support, it may be at risk of dropping to $34,000 in the following week. This bearish thesis could be invalidated if BTC closes the next 2 daily candles above $36,900. In this more bullish scenario, the cryptocurrency could climb to as high as $40,000 in the short term.

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