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- 1 Wrapped Bitcoin price prediction is highly bullish for 2024.
- 2 WBTC price is attempting to break out of the $38000 hurdle.
- 3 The 50-day EMA in WBTC crypto slopes upward to showcase an uptrend.
Wrapped Bitcoin price prediction is bullish for 2024 and suggests a new swing high is possible in the coming months.
WBTC price is in bulls’ grip and forming a bullish continuation pattern. The buyers look more active as compared to the sellers so more scope for upside is open.
WBTC crypto price sustains above the 50-day EMA showcase the trend is in the upward direction. However, the price looked overstretched and far from the 50-day EMA; so a minor correction is also possible.
Recently, in October, Wrapped Bitcoin price broke out of the $32000 hurdle with a high volume. It added fuel to the rally and the price continued to rise upward by forming higher high candles.
The rally halted near to $38000 and prices began to consolidate in the narrow range. At present, buyers are trying to break the $38K hurdle. If the buyers succeed, then the price will begin the journey to reach $40K.
However, if the price continues to consolidate for a few more weeks, then it will be an indication of the base formation. Currently, WBTC price is trading at $36,567 with a one-day increase of 2.43%.
Is Wrapped Bitcoin Price Losing the Momentum?
Wrapped Bitcoin price prediction showcases that bulls will lead the rally and continue its dominance. However, for the past few days, the price losing the bullish momentum indicates that the sellers are also active. So, the buyers need to break the $38K hurdle to trigger the next phase of the rally.
Till the WBTC price sustains above the 50-day EMA the bulls will remain active and restrict the downside. The analysis suggests that the WBTC price is on the buyers’ radar and may reach $40K by December end.
WBTC Price Showed a Surprising Recovery
WBTC price showed a surprising recovery in the coming weeks and formed a bullish pattern. This crypto is bullish on a multiple time frame so the possibility of continuing the upward momentum remains high.
The MACD curve is reversing down and displaying a negative crossover indicates bearishness. The RSI at 57 slopes upward denoting the strength of bulls and more scope for upside is open.
The price action action still favors the bulls so investors may look to play bullish bets and stay with the trend.
Conclusion
Wrapped Bitcoin price prediction stays bullish for 2024 and suggests a new YTD high is possible.
The buyers are highly active and prices form a bullish pattern on the weekly time frame. Therefore, the analysis suggests WBTC price is on an uptrend and it may fly to $40K by December end.
Technical Levels
- Resistance levels: $38000 and $40000
- Support levels: $34000 and $31972
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
