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Bitcoin Races Towards $40K: Analyst Maps Potential Price Resistance Levels

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• Bitcoin (BTC) has seen an unexpected surge in prices despite the gradual decline of three prominent banks that focus on cryptocurrencies.
• Options traders were surprised by the cryptocurrency’s 17.5% rally from March 16 to 22, largely driven by investors seeking protection against persistent inflation and the banking crisis.
• Famous crypto YouTuber Ben Armstrong believes Bitcoin will not reach the $1 million mark until 2032.

Bitcoin Price Unexpectedly Surges

Over the past fortnight, Bitcoin, the cryptocurrency with the highest market capitalization, has perplexed analysts and experts as its price has been on an upward trajectory and is on the verge of reaching $30,000 this month. The only question that remains is how BTC will perform next and whether it will reach $40K.

Options Traders Surprised

Options traders who were betting on Bitcoin to remain below $26,000 were surprised by the cryptocurrency’s 17.5% rally from March 16 to 22. This sudden surge in price was largely driven by investors seeking protection against persistent inflation and the ongoing banking crisis.

Ben Armstrong’s Opinion

Famous crypto YouTuber Ben Armstrong recently shared his thoughts on a Bitcoin price bet made by Balaji Srinivasan in a tweet. According to Srinivasan, BTC is expected to reach an impressive $1 million in just 90 days, and he has even placed a bet of another million USD on it. However, Armstrong doesn’t believe Bitcoin will reach $1 million within 90 days or even in the near future; he believes such a dramatic surge might not occur until 2032 – nine years away from now!

Stable Prices Following Surge

Following a surge of more than $8,000 within a week amid global banking crisis, Bitcoin’s price stabilized around $28,000 earlier this week before experiencing increased volatility during mid-week trading hours and days due to changes announced by US Federal Reserve regarding their interest rate policy.

Potential Resistance Levels for BTC Price

As BTC continues its strong trend upwards towards potentially reaching its all-time high again soon – many analysts are mapping out potential resistance levels that may be encountered along this journey – with some speculating that it could go as high as 40K before stabilizing again for another run at ATH later this year or in early 2022!

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