Bitcoin has been rocketing higher as the rest of the crypto market stagnates. It is in the process of breaking above $26,000, with this marking a massive rise from its daily lows of $24,000 that were set roughly 24 hours ago.
The cryptocurrency’s parabolic growth as of late is showing few signs of slowing down, with each dip being rapidly absorbed and sellers being wholly unable to gain control over its price action.
One trader is optimistic that a move higher is imminent, noting that there’s a strong possibility that it sees an impulse rally towards $40,000 in the near-term.
Bitcoin Explodes Higher as Bulls Gain Traction
At the time of writing, Bitcoin is trading up just under 5% at its current price of $25,800. This is around the price at which it has been trading at throughout the past few days.
The selling pressure seen in the upper-$25,000 region has slightly slowed its ascent, but bulls appear to be keen on breaking this level.
A firm break above $26,000 could open the gates for a parabolic movement towards $30,000 – which may be its first key resistance level.
Analyst Claims Next BTC Impulse Could Lead to $40,000
While sharing his thoughts on the current price action, one analyst explained that he is watching for Bitcoin to see a move up towards $40,000 if it forms a temporary top around its 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. If $25,800 is this temporary top, next impulse could bring $BTC towards $40,000+.”
Image Courtesy of Michaël van de Poppe. Source: BTCUSD on TradingView.
The coming few days should shed some light on whether or not this possible path forward will actually come to fruition for Bitcoin.Featured image from Unsplash. Charts from TradingView.