Bitcoin Price Prediction: BTC Break $32K; Next Destination $36K?

• 1 Bitcoin price prediction for 2024 is highly bullish and suggests momentum might continue.
• 2 BTC price breakout of the $32,000 hurdle and hit YTD high.
• 3 Bitcoin crypto price expanded the range in an upward direction.

Bitcoin price prediction is highly bullish for the next few months as well as for the long term. It broke out of the $32,000 hurdle with a strong buying volume and formed a giant bullish candle.

BTC price hit a YTD high and sustaining the higher levels indicates big investors are turning and injecting money into cryptos. If the investors continue to inject money into BTC crypto then it might fuel a rally.

Moreover, it will improve the market sentiment and may positively impact the prices of other Altcoins.

Bitcoin cryptocurrency witnessed a massive surge in buying volume and prices also followed an upward direction. It increases the reliability of the recent up move which boosts the confidence of crypto investors.

In the last two months, BTC price consolidated in the range between $25,000 to $28,000 and displayed signs of base formation. Recently, in the mid of October, BTC price finally gained positive momentum and succeeded in breaking the higher range.

In the last three sessions, BTC price gained 15% which is quite impressive. But short-term retracement or consolidation is expected before the next up move. Bitcoin price is trading at $33,985 with an intraday rise of 0.19%. The market capitalization stands at 4.90%.

Bitcoin Price Holds $32K; Rally Has Just Began

BTC/USDT daily chart by Tradingview

Bitcoin price prediction favors the bulls and suggests the upside rally has just begun. It managed to climb above $32,000 and also sustained above the 50, 200-day EMA showcase uptrend.

At present $35,200 is acting as an immediate hurdle for bulls. If the positive momentum continues and buyers succeed in breaking the $35,200 hurdle. Then prices might show another surge and rally to $40K.

On the lower side, $31,800 will be the crucial support. Till the BTC price sustains above $31,800 any short-term bounce will be easily bought up. The analysis suggests, that the BTC crypto price is uptrend and more rally is pending.

Breakout in BTC Price Supported by Genuine Buying

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BTC price rose 13.45% in the current week which is the highest one-week gain in the last five months. The breakout looks genuine so the possibility of sustaining the higher levels remains high.

The MACD curve in Bitcoin slopes upward and histogram bars are green indicating bullish momentum may continue in the coming months.

Whereas, the RSI at 87 denotes overbought territory so short-term retracement may trigger time. The supertrend says till the price holds $30,131 the trend will remain up.

Conclusion

Bitcoin price prediction is bullish for November as well as for December. The recent breakout in BTC price looks reliable and likely to sustain the higher levels. The analysis suggests that Bitcoin crypto price is in bulls grip and after minor consolidation prices will gain momentum.

Technical levels

• Resistance levels: $35,200 and $36,154
• Support levels: $31,865 and $29,873

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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