Blockchain

USTC experienced an impressive surge this week, propelled by two key catalysts: a newly introduced Binance perpetuals contract listing and the unveiling of a bitcoin-focused makeover along with an enticing airdrop initiative.

Notably, TerraClassicUSD’s value has nearly quadrupled within this period. It’s essential to contextualize this surge, however, as even with the substantial rally, the price of USTC has reached only $0.05, a stark contrast to its initial pegged value of $1.

USTC Meteoric Rise: Navigating The Volatility Of The Crypto

The developments surrounding USTC underscore the dynamic and evolving nature of the cryptocurrency market, where a combination of strategic listings and innovative plans can significantly impact token valuations.

The value of the coin has increased significantly during the past day. Coingecko statistics shows that USTC surged a massive 32% to $0.05 in the previous day. Even more astonishingly, the cryptocurrency gained a commanding 335% over the previous seven days. During the specified period, its trading volume increased by 2,284%, with $1.21 billion exchanged.

Between November 25 and 27, the crypto surged over 400% before falling down to $0.04. USTC has increased by +71% to its current level since then.

A significant increase in trading volume in the hours preceding the sibling token Terra Luna Classic (LUNC) listing on Binance Futures earlier this week helped the cryptocurrency.

Now that Binance has disclosed that USTC will have more trading pairs available on the spot market, the purchase pressure is still present. The Turkish Lira (TRY) and First Digital USD (FDUSD), two more stablecoins, are now immediately tradeable with USTC with fiat cash.

Additionally, the development team disclosed a few days ago that they are developing an airdrop strategy for holders of LUNC and USTC.

$ust & anchor making a return, this time backed by bitcoin

will be interesting to see the stablecoin experiment continue

airdropped planned for pre-crash $luna & $ust holders and also new $ustc holders via some sort of lockdrop

could be a decent play for $ustc here just in… https://t.co/7BWe8MXkoq

— IAN (@cryptoian) November 25, 2023

The token has become the subject of a speculative frenzy due to recent developments. According to CoinGecko data, trading volume with USTC has increased dramatically over the past few days, reaching a peak of over $1 billion in 24-hour activity and dwarfing the less than $10 million average earlier this month.

The Influence Of Binance Perpetual Contract And Social Media Buzz

USTC has been rising sharply since the weekend. Its price started a run on Nov. 25, not long after what looked to be a golden cross on its chart. Strong price increases ensued, with USTC hitting a high of $0.075 during today’s trading session.

If you are thinking about how this #LUNC and #USTC pump is gonna end, well, the news is that it won’t

And it’s visible here why

$42M of contracts are pending right now while people are adding onto this

The meaning of Open Interest is also written here

Check for yourself pic.twitter.com/q9fEIv42Rs

— Aru Basu (@klothtweets) November 27, 2023

There is no denying that the euphoria around Binance’s introduction of a perpetual contract contributed to the rise of the USTC coin.

Social media has also been a big part of making this excitement even bigger. It’s created a wave of interest and energy that has put USTC at the top of the crypto market.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

The Bitcoin price rose to $38.475 yesterday, marking a marginally higher high for the year. Nevertheless, the price did not manage to close the day above the important $38,000 mark. Shortly before the end of the day, the bears managed to push the price down again.

As crypto analyst Daan Crypto Trades remarked, “Market does its best to shake out everyone trying to pre-position for a possible Bitcoin ETF approval. It’s just free liquidity for the MMs/Whales. Sweep highs, trap longs, squeeze out longs, bait shorts, front run lows and repeat the whole process.”

BlackRock Argues With SEC Over Details Of Spot Bitcoin ETF

In a notable development, BlackRock, the world’s largest asset manager, has been again actively engaged in discussions with the US Securities and Exchange Commission (SEC) concerning the structure of its spot ETF yesterday.

Eric Balchunas, senior ETF analyst at Bloomberg, revealed, “BlackRock met with the SEC’s Trading & Markets division again yesterday and presented them with a ‘revised’ in-kind model design based on Staff’s comments at their 11/20 meeting.” This revised model includes a notable change in the process, specifically at ‘Step 4’, which is the offshore entity market maker acquiring Bitcoin from Coinbase and then pre-paying in cash to the US registered broker dealer who is not allowed to touch BTC.

James Seyffart, another Bloomberg analyst, highlighted the ongoing negotiations, adding, “More confirmation that Issuers are still meeting with the SEC. BlackRock/Nasdaq still pushing for In-Kind creation & redemption. Seems like SEC hasn’t budged on cash creates demands if this was the primary focus of the meeting. At least not before yesterday, Interesting days ahead!”

The original “In-Kind Redemption” flow had Market Maker’s Broker/Dealer entity (MM-BD) placing an order for redemption through the Authorized Participant (AP), who approves the order, allowing MM-crypto to borrow Bitcoin (or cash) to sell short. This redemption flow had potential balance sheet impacts and risks that the SEC was concerned about.

BlackRock has now proposed a “Revised In-Kind (‘Prepay Model’)” Redemption flow. This new model involves MM-crypto delivering cash to MM-BD instead of Bitcoin, and MM-BD then delivers ETF shares to the Transfer Agent via API. The Bitcoin custodian is instructed by the issuer to transfer Bitcoin to MM-crypto, who then closes the short position in BTC.

The benefits of this revised model are manifold. It aims to lower transaction costs and shifts the execution risks from investors to crypto market makers. It also claims to provide superior resistance to market manipulation and remove the need for issuers to finance or pre-fund sell trades. The reduction in risks of operating events and the simplification across the ecosystem could mean lower variance on how In-kind models can be executed versus cash models.

90% Odds Of Approval Remain

Should the SEC approve this revised model, it could herald the introduction of the first US-based spot Bitcoin ETF, a significant milestone that would allow investors to gain direct exposure to Bitcoin rather than through derivative instruments like futures. Despite these developments, there remains a level of uncertainty surrounding the SEC’s stance on the matter, particularly regarding the implications of spot Bitcoin exposure for retail investors through an ETF.

Recent leaks suggested the SEC might prefer cash creation processes over in-kind Bitcoin transfers, a move that could significantly alter the landscape for ETF issuers and broker-dealers dealing with Bitcoin. Nonetheless, Bloomberg’s ETF analysts have reiterated their 90% odds for a spot ETF approval by January 10 yesterday.

At press time, BTC traded at $37,728.

In a bold projection, Standard Chartered, the British multinational bank, envisions a substantial surge in the value of Bitcoin, anticipating it to reach $100,000 by the conclusion of 2024.

Observing Bitcoin’s impressive resurgence throughout the current year, the bank identifies the onset of what they refer to as the ‘crypto spring.’

This period of renewed vitality in the cryptocurrency market has sparked optimism, leading Standard Chartered to set an ambitious target for Bitcoin’s future valuation.

Bitcoin Surpasses $38,200, StanChart Predicts $100K By 2024

The world’s largest cryptocurrency, Bitcoin, attracted interest from institutional investors once again this week, as its price surpassed $38,200 on November 29.

Geoff Kendrick, Head of Crypto Research at Standard Chartered Bank, reiterated the company’s bullish forecast that the price of Bitcoin may reach $100,000 in 2024.

The projection is a continuation of the bank’s April outlook for this year. The April research stated that a number of reasons that might propel Bicoin’s ascent over $100,000 are already in action, and that the crypto winter has now come to an end.

The report emphasized that in March of this year, there was disruption in the financial system, which contributed to the “re-establishment” of Bitcoin’s use as a decentralized scarce digital currency.

Kendrick and the Standard team expressed their optimism that the US government’s approval of multiple spot Bitcoin ETFs will be the next catalyst for the growth of cryptocurrencies, and that these developments will occur sooner than originally anticipated.

“We think that a number of spot ETFs will now be approved in the first quarter of 2024 for both Bitcoin and Ethereum, setting the stage for institutional investment,” they said.

Additionally, Standard Chartered highlighted another cause that can lead to future price increases: the upcoming Bitcoin “halving,” which would limit the currency’s supply and is expected to happen in late April 2024.

With its headquarters located in London, Standard Chartered caters to a global clientele of both individual and corporate customers. While it does not offer retail banking services in the United Kingdom, its multibillion-dollar operations across Asia, Africa, and the Middle East position it as one of the world’s most significant financial enterprises.

And it’s because of this significant role in the global financial system that Standard Chartered’s positive prediction for bitcoin earlier this month is all the more intriguing.

Record Hash Rate And Market Maturity Validate Standard’s Bullish Prediction

Bitcoin’s hash rate, the amount of processing power miners are using to secure the network, and a measure of the network’s strength—which recently reached an all-time high—all support Standard Chartered’s bullish stance.

Meanwhile, recent on-chain data from IntoTheBlock indicates that the Bitcoin market has displayed indications of increasing maturity and stability in comparison to large-cap stocks and index funds.

Standard Chartered’s forecast of a Bitcoin price surge has gained validation as Bitcoin has witnessed a remarkable 130 percent surge in 2023. According to the bank, everything is unfolding as anticipated.

BTC’s dominance in the digital assets market remains robust, having increased from 45 percent in April to a current 50 percent share of the overall market cap.

Bernstein analysts echoed Standard Chartered’s optimism, predicting that Bitcoin might reach $150,000 by mid-2025 for the same supply-related reasons.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Ethereum price corrected lower below $2,050. ETH is now consolidating above the $2,020 support and might start a fresh increase in the near term.

Ethereum is still struggling to climb above the $2,075 and $2,080 resistance levels.
The price is trading below $2,050 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the 100-hourly Simple Moving Average and then $2,075.

Ethereum Price Trims Gains

Ethereum price struggled to clear the $2,075 resistance zone. The bears took control and pushed ETH below the $2,050 level. However, Bitcoin managed to stay above the $37,550 support zone.

ETH traded below the 50% Fib retracement level of the upward move from the $1,986 swing low to the $2,076 high. Besides, there was a break below a key bullish trend line with support at $2,040 on the hourly chart of ETH/USD.

Ethereum is now trading below $2,050 and the 100-hourly Simple Moving Average. It is now consolidating above the $2,020 support zone. On the upside, the price is facing resistance near the $2,00 zone and the 100-hourly Simple Moving Average.

The first key resistance is near the $2,075 level. The next resistance sits at $2,090. A clear move above the $2,090 level could send the price toward the $2,130 resistance zone.

Source: ETHUSD on TradingView.com

The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.

More Losses in ETH?

If Ethereum fails to clear the $2,050 resistance, it could continue to move down. Initial support on the downside is near the $2,020 level. The next key support is $2,000.

A downside break below $2,000 might start a steady decline. The key support is now at $1,930, below which there is a risk of a move toward the $1,880 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,020

Major Resistance Level – $2,075

AVAX price is showing positive signs above the $20 support. Avalanche bulls seem to be in control, and they might aim for a rally toward $25.

AVAX price is showing positive signs above the $20 level against the US dollar.
The price is trading above $21 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $20.60 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
The pair could continue to rise if there is a clear move above the $22.50 and $23.00 resistance levels.

AVAX Price Signals Fresh Rally

After a strong increase, Avalanche’s AVAX faced resistance near the $24.00 zone. It started a downside correction from $24.05 but remained in a positive zone, like Bitcoin and Ethereum.

There was a drop below the $23 and $22 levels. The price declined below the 50% Fib retracement level of the upward move from the $15.60 swing low to the $24.05 high. It even spiked below the $20 support zone. However, the bulls were active above $18.80.

AVAX price found support near $18.80 and the 61.8% Fib retracement level of the upward move from the $15.60 swing low to the $24.05 high. It is again moving higher and trading above the $20 level.

There was a move above the $21 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $20.60 on the 4-hour chart of the AVAX/USD pair. On the upside, an immediate resistance is near the $22.50 zone.

Source: AVAXUSD on TradingView.com

The next major resistance is forming near the $23.00 zone. If there is an upside break above the $22.50 and $23.00 levels, the price could surge over 10%. In the stated case, the price could rise steadily towards the $25 level.

Dips Limited in Avalanche?

If AVAX price fails to continue higher above the $22.50 or $23.00 levels, it could start another decline. Immediate support on the downside is near the $20.60 level and the 100 simple moving average (4 hours).

The main support is near the $19.50 zone. A downside break below the $19.50 level could open the doors for a fresh decline towards $18.80. The next major support is near the $15.80 level.

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.

Major Support Levels – $19.50 and $18.80.

Major Resistance Levels – $22.50, $23.00, and $25.00.

Bitcoin price failed again to clear the $38,500 resistance zone. BTC is consolidating above the 100 hourly SMA and might attempt another increase.

Bitcoin is still facing heavy resistance near the $38,500 zone.
The price is trading above $37,400 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $37,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could make another attempt to clear the $38,500 resistance unless it breaks below $37,350.

Bitcoin Price Holds Support

Bitcoin price remained well-bid above the $37,500 support zone. BTC climbed higher above the $38,000 level and made another attempt to clear the $38,400 resistance zone.

However, the bulls failed to gain strength and the price peaked near $38,400. It is again correcting gains and trading below the 23.6% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.

Bitcoin is now trading above $37,400 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $37,350 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is still near the $38,500 level. A close above the $38,500 resistance might start a fresh rally.

Source: BTCUSD on TradingView.com

The next key resistance could be near $39,200, above which BTC could climb toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.

More Losses In BTC?

If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,550 level or the 50% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.

The next major support is near $37,350 and the trend line. If there is a move below $37,350, there is a risk of more downsides. In the stated case, the price could decline toward the $36,720 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $37,550, followed by $37,350.

Major Resistance Levels – $38,400, $38,500, and $39,200.

In a recent announcement, bankrupt crypto lender Celsius has initiated additional withdrawals for certain eligible custody users. However, it’s important to note that only specific custody assets are currently available for withdrawal, while other cryptocurrencies such as Bitcoin (BTC) remain inaccessible. 

Starting November 29th, two groups, namely Class 6A General Custody Claims and Class 6B withdrawable custody claims, are eligible for withdrawals. Users within these groups have until February 28th to make their withdrawals. 

Qualifying users can withdraw 72.5% of their crypto, minus transaction fees, provided they did not participate in a previous custody settlement. 

Withdrawal Woes For Celsius Users

In the November 29 announcement, Celsius urged users to withdraw these assets from the Celsius app immediately and to keep personal records of relevant information, as the app will only be accessible for a limited time. 

However, despite the withdrawal option, some Celsius users have experienced difficulties, according to reports on the X platform. This development comes as some 58,300 users hold approximately $210 million worth of assets that have been deemed “custodial assets” by the court.

According to user responses to the Celsius announcement, there have been reports of login failures on the platform. Users claim to be experiencing errors even after attempting to reinstall the Celsius app. 

Additionally, some users have expressed concern that their Earn accounts are empty, further exacerbating the issues faced by former users of the crypto lending platform. One user specifically stated: 

While my frozen portfolio balance is visible, my custody balance shows 0.

Transition To ‘Creditor-Owned’ Bitcoin Mining Company

As reported by our sister website, Bitcoinist Celsius recently obtained approval from the bankruptcy court for its proposal to transition into a creditor-owned Bitcoin mining company. 

This plan involves repaying customers through a combination of crypto assets and stock in the newly established Bitcoin mining firm, which will be publicly listed.

The distribution of assets is expected to commence in early 2024, pending endorsement from the US Securities and Exchange Commission (SEC). However, Celsius acknowledges the possibility of liquidation if the crypto-mining proposal fails to materialize.

Celsius and its founder and CEO, Alex Mashinsky, have faced legal action from various entities, including the SEC, Federal Trade Commission (FTC), and the Commodity Futures Trading Commission (CFTC), for alleged misleading practices. 

Celsius promptly settled with the FTC, agreeing to pay $4.7 billion once the bankruptcy proceedings concluded. Mashinsky has been charged with fraud; his criminal trial is scheduled this year. 

Overall, the resolution of the reported issues faced by Celsius users remains uncertain, including the login difficulties and accounts displaying zero balances. 

It is yet to be determined whether these occurrences are temporary or persistent and how the platform intends to address them. The future actions and measures Celsius took to rectify these concerns are still to be clarified.

The lender’s native token, CEL, is trading at $0.2533, up 5% in the past 24 hours. However, it is important to note that the token has yet to recover from its 2022 decline and remains down more than 50% year-to-date.

Featured image from Shutterstock, chart from TradingView.com

In the last two months, Bitcoin (BTC), the world’s most valuable cryptocurrency, has been increasingly decoupling from XRP, the native currency of the XRP Ledger (XRPL), and BNB, the coin priming the broader Binance ecosystem. While this pans out, Dogecoin (DOGE) and Cardano (ADA) remain mostly correlated with Bitcoin. 

XRP, BNB Decoupling From Bitcoin

While rising de-correlation suggests that the market is maturing and becoming more sophisticated, secondary factors could make some of the top altcoins decouple and chart their courses away from the tight grasp of Bitcoin. 

Sharing data from Kaiko, a blockchain analytics firm, @cryptobusy on X notes that the correlation between Bitcoin, XRP, and BNB has been contracting in the last two months. Meanwhile, BTC, Dogecoin, and Cardano prices have been moving in sync despite fundamental factors of each project impacting price action over this period.

The drop in correlation indicates that altcoins are increasingly gaining more market share from Bitcoin. This drop in Bitcoin dominance happens especially whenever certain altcoins move independently and are not influenced by how Bitcoin trends. 

In most cases, like it has been the case in Q4 2023, a spike in Bitcoin prices triggers altcoin demand, lifting them as a result. Besides Cardano and Dogecoin, for instance, Solana (SOL) and Tron (TRX) are two altcoins that have been rallying and tracking Bitcoin.

Additionally, the drop in correlation could mean the altcoin scene is maturing, and more investors are keen on picking out projects that offer more utility, not just BTC proxies. With more investors, altcoins tend to be more liquid, drawing even more capital.

BNB, XRP, BTC Impacted By Fundamental Factors

Even so, there could be more that explains the decoupling, especially with BNB and XRP. Seismic fundamental events have impacted BTC, XRP, and BNB ecosystems in the last two months. 

The United States Securities and Exchange Commission (SEC), for instance, is likely to approve multiple spot Bitcoin ETFs filed by several heavyweights, including BlackRock and Fidelity, in the coming weeks. Hopes of the regulator authorizing these derivatives tracking spot BTC prices have catalyzed demand, lifting the coin to new 2023 highs. 

Meanwhile, a United States court ruled in favor of XRP being a utility when sold to retailers. The case initially forced prices higher, but the coin tracked lower throughout late Q3 2023 and 2024, only steadying as BTC rallied.

At the same time, BNB was negatively impacted by Changpeng Zhao, the founder of Binance, resigning in November 2023. The Department of Justice also fined Binance with a $4.3 billion penalty as a settlement.

The XRP price keeps being projected to enjoy a massive rally soon enough. Many have continued to speculate when this might happen. A crypto analyst has some answers, as he has highlighted three key indicators that could trigger this rally. 

Three Determinants For A “Parabolic Move”

In a post shared on his X (formerly Twitter) platform, crypto analyst JD noted that XRP’s monthly was coming. He went on to state three things that “need” to happen if XRP is to see a massive rally. The first factor he highlighted was the Stochastic Relative Strength Index (SRSI). He stated that there has to be a bullish cross on the SRSI.

The SRSI is a technical indicator that is generally used to forecast market trends. It measures the strengths and weaknesses of the relative strength indicator (RSI). It is from this RSI it also derives its value from. 

Source: X

Still emphasizing the SRSI, JD stated that the second factor is that both SRSI lines must cross above 80. This level refers to an overbought condition in the XRP market. As such, it is unclear why JD considers it bullish, considering that traders usually see an overbought condition as a sell signal with an impending correction in mind. 

XRP Price To Breakout In 2025

For the third factor, JD alluded to an 8-year trendline break. In the accompanying chart that he shared, one could see that he was projecting XRP to break out in 2025 following 8 years of consolidation. In the chart, he also highlighted how XRP broke out in 2017 after a 4-year consolidation. 

Some analysts seem to be betting on XRP, enjoying a similar rally to the one that happened back in 2017. The crypto token is known to have seen a 61,000% gain in 280 days and crypto analyst CryptoInsightUK recently shared his thoughts on that happening. Without directly stating if a repeat could happen, he outlined several factors that put XRP in a better position than then.

Another crypto analyst who has referred to the 2017 period in his projection is Egrag Crypto. He recently mentioned that $27 is a “plausible target” for XRP’s price with the 2017 surge in mind. He didn’t, however, mention when exactly XRP could attain such heights. More recently, Egrag stated that XRP is on the “brink of a bullish cross.”

Many analysts continue to give their opinion on what price level XRP could hit, with some stating that XRP could rise to as high as $10,000. It remains to be seen how much of these bullish projections will be actualized. At the time of writing, XRP is trading at around $0.61, up over 1% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin (BTC), the leading cryptocurrency, is currently in an upward accumulation phase, inching closer to surpassing its current yearly high of $38,390. 

This upward trend is further fueled by the anticipation surrounding the approval of Bitcoin spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

Bitcoin ETF Approval By January 10

In a recent post on X (formerly Twitter), Erich Balchunas, a Bloomberg ETF expert, shared his perspective on the probability of Bitcoin ETF approval. Balchunas maintains a 90% chance of SEC approval by January 10, which has remained consistent for months. 

Balchunas highlights that while debates over specific dates and timelines persist, the SEC and issuers are diligently working behind the scenes to make ETFs ready for this cycle, defying earlier skepticism. Balchunas stated: 

People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates

As predicted by many analysts, Bitcoin is poised for a potential breakout in the upcoming months, both before and after these investment products’ anticipated approval. As reported by NewsBTC, Bitcoin could surge to as high as $50,000 even before the halving event forecasted for April.

In this context, Bitcoin must maintain its position above the key support level of $35,000. This mark serves as a threshold for future gains, both preceding and succeeding the approval of spot ETFs. 

Upholding this support level will be instrumental in determining Bitcoin’s prospects for continued growth and market performance.

Next Resistance Level Holds Key To Surpassing All-Time High

Renowned crypto analyst Crypto Con has shed light on the remarkable strength of the current Bitcoin cycle, drawing comparisons to the previous from 2019 to 2022. 

By examining key resistance levels and price movements, Crypto Con emphasizes the positive outlook for Bitcoin’s price trajectory and suggests that the current cycle is poised for success.

Crypto Con highlights the prolonged weakness observed during the 2019-2022 Bitcoin cycle, characterized by Bitcoin’s struggle to surpass the initial Wave Trend resistance over a year. 

In contrast, the current cycle has demonstrated impressive resilience, effortlessly breaking through this resistance level.

Despite the substantial rise in Bitcoin’s price, Crypto Con points out that the cryptocurrency has yet to reach the next resistance level, called green zone 2, with a price target of $40,000. 

In a typical cycle, this milestone does not indicate the end of price action but rather marks the beginning of a more significant upward trajectory.

Crypto Con further suggests that subsequent resistance levels, indicated by the color blue in the chart above, can drive Bitcoin’s price even higher, surpassing its previous all-time high.

At the time of writing, BTC is trading at $37,700, down 0.7% over the past 24 hours, and it remains to be seen if a consolidation above $38,000 will occur.

 Featured image from Shutterstock, chart from TradingView.com