The crypto space seems to have adopted a notable recovery phase as the Bitcoin prices are recording notable bullish candles from the past 4 days. No doubt the intensity and the pace is much lower, but the asset currently is self -assured to continue with the uptrend.
The platform is receiving a notable influx of the buying volume from the past 4 days which fueled the hope for the asset to hit $43,000 by the end of the week.
The weekly chart of Bitcoin showcases a possibility of the price rebounding throughout the week. And eventually until the weekend, the asset may eventually hit the levels above $40,000.
The chart pattern suggests the price this week has opened lower than the previous week and may close higher as it did before.
The Bitcoin price may undergo a ‘bullish engulfing’ this week where-in the weekly candle opens at the much lower range than the previous week and attempts to close at the higher levels. It has happened a couple of times during the 2021 rally and is expected to occur by the end of the present week.
If the asset roars according to the plot then, it may not only break through the $40,000 levels but also hit $42,000 and aim to attain $45,000 for the next week.
However, as each time, the volume remains the main concern for the rally, as if the volume keeps on depleting then it is literally impossible for the asset to flip the downtrend.
Currently until the mid-week, the volume is decent and by the end of the week, it may mirror the precious levels. These may not help achieve the price target, yet may surely avoid plunging to lower levels which is presumed to be around $30,000.