Bitcoin (BTC): $40,000 in sight for the queen of cryptos

Bitcoin (BTC) is regularly the subject of speculation. It’s normal: not only is the flagship cryptocurrency highly valued, but it has also been gaining momentum in recent weeks. Some believe that the asset is destined to reach a new milestone.

Bitcoin at $40,000: a promising target?

Recently, Bitcoin skyrocketed to $30,000 in just a few days. Although it subsequently dropped and is currently in a state of equilibrium, it still holds great promise. Many analysts believe that the asset is poised for further growth.

One such analyst is Michaël van de Poppe, the CEO of the trading company Eight. According to him, Bitcoin has significant potential to reach a valuation of $40,000. He cites several positive indicators to support his view.

Essentially, these indicators are related to the 200-period moving average (MA) and the exponential moving average (EMA). By analyzing these two indicators, van de Poppe believes that Bitcoin’s price shows a certain level of weekly consistency.

Need some bullish BTC price targets? How about as high as $42,000? https://t.co/ZRqZ0gXmHt

— Cointelegraph (@Cointelegraph) May 15, 2023

“#Bitcoin breaks upwards and tests $27,600. Good signs. Weekly timeframe; Holding 200 MA and EMA. I think we’re continuing towards $38,000-42,000 from here,” stated the CEO.

According to van de Poppe, this data aligns well with investors’ expectations for the Bitcoin market. And he is not alone in this belief. Popular trader Kaleo shares the same conclusions. “The crypto market is booming, and it’s still growing. This is your daily reminder that $40K is a magnet,” he remarked.

In any case, Bitcoin is the subject of high expectations in terms of valuation. Many analysts believe that it will once again break through, despite detractors like Warren Buffett.