Multiple experts have voiced their opinions and feelings regarding the present market attitude and the future of the world’s largest cryptocurrency Bitcoin hit the $40,000 milestone.
Bitcoin has risen by roughly 17% in response to reports that Amazon may accept cryptocurrency payments and comments from Elon Musk.
The high intensity of “bullish” news that largely drove Bitcoin’s widespread adoption agenda, according to Kraken crypto exchange analysts, may have shifted market mood in the last week. While many market participants expected the currency price to fall further, the sentiment indices are currently showing signs of a turnaround.
It’s do-or-die time for the bulls right now.
Bulls may find it difficult to break over the $40,000 to $42,000 resistance zone because they are facing a lot of selling pressure at that point.
If Bitcoin fails to gain traction at $40,000, the Kraken analyst predicts a return to the previous month’s rangebound of $42,000 to $30,000.
The price is not the only consideration. If Bitcoin reaches 50% dominance levels, according to JPMorgan crypto specialist Nikolaos Panigirtzoglou, we will see the first signals of a new bull trend on the market.