Bitcoin is rising as the rest of the crypto market stagnates. BTC managed to break above $ 26,000, marking a massive rise from the $ 24,000 daily low set about 24 hours ago.
The parabolic growth of the cryptocurrency in recent times shows several signs of slowing down, where every drop has been absorbed quickly and sellers cannot have complete control over price movements.
“If there is $ 26,000 permanent support, we can walk to $ 40,000.”
One trader was optimistic that a higher move is imminent and that we are likely to see a push towards $ 40,000 in the near term.
Bitcoin is trading slightly less than 5% higher at its current price of $ 25,800.
Selling pressure seen in the region above $ 25,000 slowed the rise a bit, but the bulls seem extremely keen to stay above $ 26,000.
The first target for Bitcoin is $ 30,000
A decisive break above $ 26,000 could open the doors for a parabolic move towards the first key resistance level of $ 30,000.
While sharing his thoughts on the current price action, an analyst explained that he expects Bitcoin to rise to $ 40,000 if it creates a temporary peak at current price levels.
#Bitcoin breaking upwards even more as it's approaching my second Fibonacci point of interest around $25,800.
The higher we go, the higher the next impulse move will bring us.
— Michaël van de Poppe (@CryptoMichNL) December 26, 2020
The next few days will shed some light on whether this possible path forward will really pay off for Bitcoin.