On Wednesday, July 28, Bitcoin price climbed 7.98% or 2961.30 points to $40,081.30 and analysts forecasted that it could have a $45,000 breakout within weeks.
Earlier in the morning, it even reached 10.24% to $40,295.40 and it is still moving little by little up and down due to its volatility.
This upward trend pushed BTC’s market cap to 48.71% or $763.60 billion of the total crypto market cap. At its peak, it was $1,184.9 billion.
In the previous twenty-four hours, Bitcoin had traded in a range of $38,946.60 to $40,295.40.
Over the past week, it showed a rise in value as it spiked 34.41% with a 24-hour volume of 37.75% or $36.6 billion of all the cryptocurrencies’ total volume.
Additionally, it had traded in a range of $31,729.45 to $40,522.88 in the last seven days.
At its current price, the world’s largest cryptocurrency is still at the bottom by 37.79% in comparison to its all-time high of $64,778.04 last April 14.
Analysts said that Bitcoin will still need to make several attempts, however, its resistance should fall to bulls. Nonetheless, a healthy consolidation is also necessary.
Based on data, the BTC/USD pair stayed near $37,000 which is around 8.80% last Tuesday under its peak gains last Monday.
After its first climb above $40,000 in six weeks at the start of the week, it again bounced back to its position on Wednesday.
Now, several analysts are predicting that it might crawl higher to reach a level range of $45,000 to $47,000 in August.
BTC Price Surge
Furthermore, another analyst predicted that the price of BTC could surge to $51,000 after passing its past key indicator.
Its brief jump past the $40,000 level assisted the flagship digital currency to decisively go over its 50-day moving average which is a key indicator that represented Bitcoin’s resistance level.
She stated that the BTC price can go higher to $51,000 after clearing the resistance that was found at the $43,000 level.
She added that her price target was based on the Fibonacci retracement levels.
Additionally, Bitcoin could also face a resistance around the level of $44,600 which is where its currently 200-day moving average is located.
Moreover, she defended the digital currency’s higher move following its staged fake breakdown under the support level of $30,000.