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Bitcoin breaks past $27,800; Can it go toward $40,000?

Bitcoin breaks past $27,800; Can it go toward $40,000?

As Bitcoin (BTC) continues its slightly choppy rally after breaking past $27,800 in the face of many other assets on the cryptocurrency market currently stagnating, some cryptocurrency analysts are projecting the possibility of an even stronger bullish advance toward $40,000.

Indeed, Bitcoin is testing the highs after breaking the critical threshold at $27,800, and if it manages to hold the $27,700 area, it could well continue upwards, according to a tweet by crypto trading expert and analyst Michaël van de Poppe published on March 23.

On the other hand, in the event that Bitcoin loses this crucial level of $27,700, van de Poppe said that then he would still be looking at $25,300-$25,800 for longs before a run toward $40,000 is possible, as he explained using a chart.

Bitcoin price action analysis. Source: Michaël van de Poppe

Bitcoin price analysis

Meanwhile, the flagship decentralized finance (DeFi) asset was at press time changing hands at the price of $28,172, recording an increase of 1.31% in the last 24 hours, as it added to its weekly advance of 11.97% and a gain of 15.38% on its monthly chart, as per data retrieved by Finbold on March 24.

Bitcoin 24-hour price chart. Source: Finbold

It should also be noted that Bitcoin has outperformed 97% of all S&P 500 publicly traded companies in the United States, including FedEx (NYSE: FDX), Apple (NASDAQ: AAPL), and Amazon (NASDAQ: AMZN), in addition to outshining commodities such as gold, “the top-performing old-guard commodity,” almost 10-fold.

At the same time, Finbold has reported that over 70% of Bitcoin holders were making a profit at its current price, as the maiden crypto asset continues to demonstrate resilience in the recent financial crisis that has toppled several banking giants and, according to some experts, is set to be worse than the Great Recession of 2008.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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