Analyst: the next impulse could push Bitcoin above $40 000

Mikaël van de Poppe believes that the price of the first cryptocurrency could reach $40 000. According to the analyst, for a new powerful rally a break above the key resistance at $25 800.

#Bitcoin breaking upwards even more as it’s approaching my second Fibonacci point of interest around $25,800.

The higher we go, the higher the next impulse move will bring us.

If $25,800 is this temporary top, next impulse could bring $BTC towards $40,000+. pic.twitter.com/CrcrUwVLXN

— Michaël van de Poppe (@CryptoMichNL) December 26, 2020

“Bitcoin is ripping higher as it approaches the second Fibonacci level around $25 800. The higher we go, the higher the next impulse move will lift us. If this temporary top is $25 800, the next impulse could push BTC above $40 000.”

Bitcoin’s weekend rise cleared the key resistance level identified by Michaël van de Poppe at $25 800.

Early on December 27, the price of the first cryptocurrency continued to rise and took a new all-time high of $27 500. At 11:05 UTC on the same day, Bitcoin breached a new record level of $28 000.

Analysts see several reasons for Bitcoin’s move higher. One is the growth of institutional interest in the crypto market over the year.

and institutions are embracing #bitcoin pic.twitter.com/v9jN3iYClY

— skew (@skewdotcom) December 27, 2020

“In 2020, unlike 2017, retail interest in cryptocurrencies did not grow. Instead, institutional participation has risen,” note Skew analysts.

Guggenheim Partners, which manages assets of more than $200 billion, announced its intention to direct part of its portfolio into Grayscale’s Bitcoin Trust.

Later, assets under management by the Grayscale fund rose by 430% over 11 months. The total value of cryptocurrency assets under Grayscale’s management reached $16.4 billion.

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