Bitcoin Price Prediction as $40,000 Resistance Comes into Play – Can BTC Reach $50,000 This Week?

Arslan Butt
Last updated: | 3 min read

Bitcoin Recap

As Bitcoin soars to a striking $39,390, up by a significant 1.50% in the last day, the crypto community is abuzz with anticipation. This remarkable surge forms a crucial part of the broader escalation in the total cryptocurrency market cap, which has now eclipsed the $1.5 trillion milestone.

The spotlight is firmly on Bitcoin’s next potential feat: breaking the formidable $40,000 resistance. Speculations are rife, with some market enthusiasts, like Arthur Hayes, optimistically expecting December to bring further highs.

Simultaneously, financial experts like Jenny Johnson from Franklin Templeton are delving deep into cryptocurrency investing and exploring the integration of blockchain technology, keeping a close eye on the evolution of Bitcoin ETFs.

The question on everyone’s mind now is whether Bitcoin can sustain this momentum and catapult past $50,000 this week.

Arthur Hayes Forecasts a December Bull Run for Bitcoin

Arthur Hayes, former CEO of BitMex, is expressing excitement over potentially market-moving developments, jokingly referring to them as ‘gifts’ from ‘an old white man.’ This is a reference to Federal Reserve Chairman Jerome Powell’s imminent address.

Hayes is expecting a significant move—a rate reduction that could send Bitcoin to all-time highs. Historically, December has been a strong month for Bitcoin, particularly following successful closures in October and November.

Based on a review of Bitcoin’s quarterly results, Hayes anticipates Powell will soften policy and cut interest rates, fueling hope for a possible change in monetary policy.

According to Hayes, when the ‘money printer’ is metaphorically engaged, asset values rise, with Bitcoin leading the charge. Hayes’ audacious forecasts set the stage for an exciting December, with the potential for Bitcoin to skyrocket, creating anticipation and a buzz within the crypto space as the community awaits Powell’s address.

Investors are closely monitoring whether Powell’s efforts will indeed push Bitcoin prices up this month.

Franklin Templeton’s Jenny Johnson Talks Crypto Investment and ETFs

Jenny Johnson, President and CEO of Franklin Templeton, discussed the company’s exploration of blockchain technology at the Fortune Global Forum in Abu Dhabi. Following their application for a Bitcoin ETF, Johnson highlighted the significance of blockchain to the company’s long-term strategies.

She pointed out how blockchain technology could enable fractional ownership of traditionally inaccessible assets and reduce transaction friction, thereby democratizing access to private markets.

Johnson cited tokenized money market funds and smart contracts for real-time value in pooled vehicles as examples of blockchain enhancing efficiency.

She also acknowledged the growing demand for Bitcoin and its potential as an accessible investment option. The discussion included the topic of regulatory approval for a Bitcoin spot ETF.

With increasing institutional interest and acceptance of Bitcoin, this development could impact prices and positively influence market sentiment.

Bitcoin Price Prediction

In the current technical landscape for Bitcoin, as observed on December 3, the digital asset is trading near $39,564, showing marginal movement in the last 24 hours.

The daily chart unfolds within an ascending channel pattern, hinting at a bullish bias among market participants when it comes to Bitcoin price prediction.

Key resistance and support levels are closely watched, with immediate resistance at $40,082, and further barriers at $41,941. Support levels lie at $38,033, followed by $35,200 and $34,971, which could provide a safety net against pullbacks.

Bitcoin Price Chart
Bitcoin Price Chart – Source: Tradingview

The Relative Strength Index (RSI) hovers around 68, flirting with the overbought territory, yet not conclusively signaling a reversal.

The price positioning above the 50-day EMA reinforces the short-term bullish trend. Observing these indicators, the overall trend leans bullish, and short-term forecasts suggest Bitcoin may test the resistance at $40,082 in the forthcoming sessions.

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