Bitcoin traders share the opportunity of $40,000, because altcoins are expected to get “80-150%” gains

Bitcoin (Bitcoin) Circled $32,000 on July 22, after Elon Musk’s new comments were exciting and led to increased support.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC bulls regroup at $32,000

Data from Cointelegraph Markets Pro with Transaction view A few hours after Musk and others praised Bitcoin in a conference panel, the price of BTC/USD was shown to be between $31,500 and $32,000 overnight on Wednesday.

As Cointelegraph Report, Musk’s words are generally positive, not as important as many people think-this in turn led to a short spike in prices, reaching a maximum of $32,800.

Since then, familiar resistance began to appear, and $32,400 once again became a level that needed to be reversed, which is a feat that Bitcoin has not yet achieved.

Nevertheless, the previous gains from less than $30,000 are still intact, and there is also little evidence that there will be a major retracement on Thursday.

Cointelegraph writer Michaël van de Poppe “If we look at the price movement of Bitcoin, we can clearly see and state that we hold more than $31,000” Say.

“If this situation continues and the market gives higher lows, I think we have found a temporary bottom and we will test $40,000.”

Independent analyst and trader Keith Wareing is neutral on the Musk incident. He believes that because there is no real breakthrough in the resistance level, the short-term BTC price pattern has not undergone fundamental changes.

Therefore, the buying and selling positions among traders also continued the trend earlier this week-an increase of $33,000, slowly forming a resistance zone, and the support level was at $31,000.

BTC/USD trading level (Binance) as of July 22. Source: Material Indicators/ Twitter

Van de Poppe: If Bitcoin takes off, altcoins will prosper

Altcoins also consolidated the gains of the day, usually between 5% and 10%.

related: After Bitcoin soared to $33,000, altcoins received double-digit gains

Dogecoin (dog), which one Started its run-up Before Musk, the transaction price was still below $0.20 at the time of writing, and the daily return was close to 8%.

Van de Poppe added that if Bitcoin rises to an interval resistance of $40,000 or higher, it will have a more pronounced impact on the altcoin market.

“This will cause altcoins to run 80-150% from here,” he predicted.

Ether (Ethereum) Is the altcoin with the largest market capitalization, returning to $2,000 and breaking out of support after briefly losing the trend of higher lows in 2021 earlier this week.

ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView