Bitcoin and crypto market witnessed major profit booking near Friday’s expiry. Top crypto BTC, ETH, XRP, SOL, and others fell 3%-9% and the crypto market cap dropped more than 2% to $1.27 trillion. A popular crypto analyst now predicts Bitcoin price to hit at least $40,000 in the next weeks due to a significant development on the chart.

Popular Analyst Points Out Major Development in Bitcoin Price

Analyst CredibleCrypto on Saturday took to X highlighting a significant development on the Bitcoin chart. He said “We may be on the verge of something massive. Clear areas of interest/invalidation discussed.”

CryptoQuant research head Julio Monero recently said the rally may pause. The profit booking was expected after a massive “uptober” rally. CredibleCrypto noted that

There’s a probability of BTC price dropping to the $34,300 level before another upside move. The price can drop further if BTC breaches support range to as low as $33,700.

However, he believes there is an alternative to it, with a truncated price action. If $34.6K is held and $34.7K is defended, we can see an impulse, with the continuation of the impulses triggering a massive rally toward $40,000. He believes BTC price to “ideally around $50k this month.”

Read More: Will Bitcoin Price Rally This Weekend?

In fact, Matrixport predicted Bitcoin at $45K in 2023 and $125K by 2024-end. In addition, as Bitcoin price officially formed a “Golden Cross” this week and macro factors ease, BitMEX co-founder Arthur Hayes recommends buying Bitcoin.

BTC price jumped 2% in the last 24 hours, with the price currently trading near $34,713. The 24-hour low and high are $34,169 and $34,960, respectively. Traders need to keep an eye on an increase in trading volume confirming an upcoming upside momentum.

Crypto analysts are now highlighting breakouts and massive buying in altcoins. Altcoins such as ETH, XRP, ADA, SOL, and DOGE are expected to see sudden price jumps.

Markets are back on green mode!

This will most likely stay for the coming period.

— Michaël van de Poppe (@CryptoMichNL) November 4, 2023

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.