Bitcoin Crash Ahead: Expert Predicts Testing $20K Before Rebound
27 Januar 2024 - 12:00AM
NEWSBTC
Bitcoin, the largest cryptocurrency in the market, experienced a
price recovery on Friday; however, industry experts anticipate a
further test of sub-$30,000 levels in the near term. The
prolonged downtrend observed over the past fourteen days, coupled
with mounting selling pressure, has raised concerns about the
sustainability of the recent rebound. BTC’s Local Bottom Predicted
Chris Burniske, co-founder of a New York-based venture crypto firm,
highlights several factors contributing to the anticipated downward
movement of Bitcoin. Burniske suggests that the consolidation
phase may extend longer than expected due to many variables,
including crypto-market dynamics, macroeconomic conditions,
adoption trends, and new product developments. Burniske
offers his outlook on Bitcoin, stating that a local bottom could be
reached in the $30,000 to $36,000 range. However, he wouldn’t be
surprised if the cryptocurrency tests the mid-to-high $20,000
before recovery occurs, leading to a renewed push toward previous
all-time highs. Burniske cautions that the path to such a
recovery will likely be volatile, marked by potential fakeouts, and
may span several months. Related Reading: Is Chainlink (LINK) Ready
To Soar? Key Indicators To Monitor The market expert advises
investors to exercise patience during this period of uncertainty.
Burniske suggests that other cryptocurrencies may experience more
significant percentage declines if his predictions hold Bitcoin.
Burniske further stated: Before you get mad with, “We’re just
getting this cycle started, Chris!!!” Mostly agree, ~called the
cycle bottom in Nov 2022 and continue to believe the long-term
trend remains robust. Have also seen a lot of crypto volatility
over the last decade+…. recently, I’ve specifically been discussing
a local top and local low, not a cycle-wide top and low. Buy
Signal For Bitcoin Crypto analyst Ali Martinez has provided
insights into potential price movements for Bitcoin in its latest
analysis conducted on the social media platform X (formerly
Twitter). Martinez’s assessment indicates that the TD
Sequential indicator recently flashed a buy signal on the daily
chart, coinciding with Bitcoin’s current position above the 100-day
Simple Moving Average (SMA) at approximately the $40,000
level. According to Martinez, if Bitcoin surpasses the
$40,550 resistance level, it may trigger an upswing with a target
price of $43,000. This bullish scenario implies a potential price
rally for Bitcoin soon. However, the analyst also highlights
the importance of closely monitoring the 100SMA support level, as a
breach of this level could have significant implications for the
cryptocurrency’s price trajectory. Martinez cautions that if the
100SMA support level is breached, it might result in Bitcoin
experiencing a downward move toward the $33,300 level. This
potential downside scenario indicates a critical support level
that, if broken, could lead to increased selling pressure and a
bearish sentiment in the market. Related Reading: Algorand CEO’s X
Account Hacked, Is Justin Sun Involved? At the time of writing,
BTC’s price has recovered 3.8% over the past 24 hours, resulting in
a current trading price of $41,400. Featured image from
Shutterstock, chart from TradingView.com
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