BTC to GBP Outlook: Will Continuation Above 40,000 Follow the Dip?

Summary:

The BTC to GBP pair indicates that the pair still has some upside momentum, despite the intraday profit-taking-induced dip.

The recent uptick seen in Bitcoin prices and the recent weakness of the British Pound continues to drive demand on the BTC to GBP pair. However, some intraday profit-taking is going on and this has truncated the 4-day winning streak on the BTC/GBP pair.

The break of the 38075 signals a potential recovery of the uptrend. This is the closest price has come to recovering the May 2021 highs. The intraday correction points to some profit-taking on the pair. The Pound is still showing vulnerability as the supply chain issues the UK is facing from the HGV-driver scarcity has not gone away.

The BTC to GBP price prediction is for a price continuation above 40,000 to occur, but only when there is fresh demand at lower support levels as traders seek dip-buying opportunities.

BTC/GBP Price Prediction

The BTC to GBP pair’s latest move has extended above the completion point of the measured move from the double bottom pattern on the daily chart. The completion point at 36,306 price mark now serves as potential support, after the extension of price took out the 38075 resistance, eventually stalling at the 40494 barrier.

The rejection at 40494 and accompanying pullback could aim for the 38075 support. If the price bounces at that level and eventually uncaps 40494, the pathway towards 42531 becomes smoother. 43917 is the 13 March high and forms the additional target to the north in the near term.

On the other hand, a decline below 38075 allows 36306 to come into the picture as the next target. 34036 and 31981 become additional targets to the south if the price descent continues. 29164 is the floor of the price zone of the previous double bottom, and this will serve as yet another downside support pivot.