Bitcoin traders are divided on the chances of hitting $ 40,000, while altcoins see potential gains of “80-150%”.

The price of Bitcoin (BTC) orbited $ 32,000 on July 22 after excitement about new comments from Elon Musk, support increased.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

BTC’s bullish momentum groups at $ 32,000

Data from Cointelegraph Markets Pro and TradingView® showed that The BTC / USD pair hovered between $ 31,500 and $ 32,000 overnight on Wednesday, hours after Musk joined others to praise Bitcoin during a positive conference panel.

As reported by Cointelegraph, Musk’s words were widely used and less critical than many had assumedand this in turn resulted in a brief price spike that peaked above $ 32,800.

Bitcoin traders are divided on the chances of hitting $ 40,000, while altcoins see potential gains of “80-150%”.
Bitcoin traders are divided on the chances of hitting $ 40,000, while altcoins see potential gains of “80-150%”.

After that, the familiar resistance crept in and $ 32,400 was again the next level to break., an achievement that Bitcoin has yet to accomplish.

However, previous earnings of less than $ 30,000 remained intact, and there was no sign of a major withdrawal on Thursday either.

“If we look at the price movement of Bitcoin, we can clearly see and see that we are holding over $ 31,000.”, He said Micha del van de Poppe, Cointelegraph employee.

“If that holds and the market allows a higher low, I think we have hit a temporary low and will hit $ 40,000.”

The independent analyst and trader Keith Wareing was neutral before the Musk episode. He argued that since no resistance level was actually cracked, nothing had fundamentally changed in the short-term BTC price outlook.

Therefore, Buy and sell positions among traders also continued their trend from the beginning of the week; the $ 33,000 addition slowly created a resistance zone and reverse support at $ 31,000.

BTC / USD (Binance) buy and sell levels as of July 22nd. Source: Material Indicators / Twitter

Van de Poppe: Altcoins would boom if Bitcoin went up

Altcoins also cemented profits They were usually between five and ten percent a day.

Dogecoin (DOGE), which started its bullish momentum prior to the release of Musk, was still trading below $ 0.20 at the time of writing, with daily returns of almost a more modest 8%.

Van de Poppe meant that a scenario where Bitcoin rises to the resistance area of ​​$ 40,000 or more would have a much stronger impact on the altcoin markets.

“This would increase altcoins by 80-150%”he predicted.

Ether (ETH), the largest altcoin by market capitalization, hit $ 2,000 againmoving away from support levels after briefly losing its trend from 2021 highs earlier in the week.

ETH / USD (Bitstamp) 1-day candlestick chart. Source: TradingView

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