It appears that Bitcoin is on the brink of another explosive bull run that could carry it back to record highs. On Thursday, January 28, it surged through the $38,000 resistance barrier, hitting highs of $38,640 and currently trading at around $37,850.
The move is part of a larger bull run that started in mid-January when BTC surged over $30,000. Since then, it has been trading higher and printing long-term successive highs and breaking various resistance levels to give the bulls a lot of room to run.
The chief area of focus has been above the $30,000 resistance level where the bulls are currently fighting. With the resistance now broken in the $38,000 area, analysts are now eyeing a test of the $40,000 barrier and beyond.
The $40,000 resistance was last tested in mid-January and will likely be a tough barrier to break. If the bulls succeed in pushing the price higher, then it would signal a huge bull run that could see Bitcoin test its all-time high of just under $42,000 in the coming weeks.
Considering the amount of upside potential and the current bullish momentum, analysts are bullish about Bitcoin’s future prospects. However, it is important to remember that cryptocurrency markets are highly volatile and anything can happen. As such, traders should remain cautious and exercise proper risk management as they evaluate their trades.
