Bitcoin (BTC) is gradually leading the market’s bullish momentum after breaching the $41,000 resistance zone.
After days of battling suppression, Bitcoin’s price eventually turned the $40,000 price mark into support as it soared to $41,210 today, up by 3% in the past 24 hours.
The coin’s market capitalization and trading volumes are also in the green, respectively jumping by 3% and 16.11% to $806,836,319,464 and $22,347,418,926.
Following this current resurgence, top market analyst Ali Martinez hinted that the TD Sequential Indicator is flashing a “Buy Signal” on the daily chart. This insight insinuates that Bitcoin’s renewed rally might just be starting.
Bitcoin Next Targets Marked
According to Ali Martinez, the buy signal remains visible on the Bitcoin chart as it maintains its rally above the 100 Simple Moving Average (SMA) indicator.
With volatility on the high side, Martinez projected that a move above the $40,550 price mark might catalyze a further price surge for the digital currency to the $43,000 level. Bitcoin’s current price is $782.1 above the $40,550 benchmark.
The TD Sequential flashed a buy signal on the daily chart while #Bitcoin maintains its position above the 100SMA. An upward move past $40,550 may catalyze an upswing to $43,000.
However, monitor the 100SMA support level because a breach might lead #BTC to $33,300. pic.twitter.com/SBkuvkLQiO
— Ali (@ali_charts) January 26, 2024
While Ali’s immediate bullish target is set for $43,000, he is not discounting the possibility of a slump either. Drawing on this, he advocated monitoring the 100 SMA level.
According to him, any breach below this point might drive the price of Bitcoin back to the $33,300 support zone. This floor marked by Martinez is lower than the $36,739 projected by Matrixport in a recent report.
With Bitcoin maintaining a 79.15% growth Year-on-Year (YoY) and a surprisingly divergent 3.12% slump in the past month, predicting the potential price of the asset becomes a chore. The projections from Martinez can serve as a guide to watch the trend in Bitcoin price in the short term.
Bitcoin Network Milestones
Bitcoin’s price might have been unstable, but this does not negate the impressive growth in its ecosystem. On-chain data shows that the Daily Active Addresses (DAA) on the Bitcoin network have surged to their highest level above 1 million.
While this surprisingly comes as Bitcoin price broke the $41,000 price mark, whale transaction data from IntoTheBlock also shows significant traction, underscoring the positive surge in the blockchain overall.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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