Bitcoin (BTC) returned to trade in the green on Wednesday, April 20, after previously trading in the red for the last couple of days.
The notable rebound by the flagship digital asset saw the cryptocurrency climb back above the crucial $40,000 levels as industry experts feared a collapse below $38,000 could see Bitcoin drop to $32,000 and even a further collapse below the $30,000 threshold.
With the cryptocurrency’s current price hovering just over $41,700, popular crypto trading expert Ali Martinez has predicted following the asset’s daily close finishing above $40,800 indicates that the BTC is on pace to revisit $45,000 and could even reach $50,000 in the near future.
“BTC printed a daily close above $40.8K and it is on track to revisit $45K or even $50K.”
Previously the trader had stated:
“Bitcoin trades at the lower boundary of a parallel channel while the TD Sequential presents a buy signal on the daily chart. BTC must break $40.8K for a chance to rise to $45K or even $50K. Closing below $39.4K can invalidate the bullish thesis and result in a drop to $30K.”
Bitcoin to get interesting at $42,000
Meanwhile, fellow analyst Michaël van de Poppe believes Bitcoin is trending upwards now and expects to continue higher for at least one to two weeks.
“The crucial area for me to hold up to is still that zone around $40.5K. I think that if we lose the level and get ourselves towards $39,300, you’re looking for a short-term bounce to probably short the bounce at $40,500 and expect ourselves to go lower beneath $37K:”
Currently, Bitcoin is trading at $41,622, up 0.08% on the day and 2.51% in the last week, according to CoinMarketCap data.
Bitcoin has a total market capitalization of $791.5 billion, with 41.1% total market dominance.