Hold Your Horses: Bitcoin Could Fall Back To Under $38,000, These Analysts Say
11 Dezember 2023 - 8:04AM
NEWSBTC
Over the past 24 hours, the cryptocurrency market has witnessed
Bitcoin consolidating its position in the digital financial space.
Amidst a wider cryptocurrency selloff, Bitcoin offered yet another
example of its infamous volatility, plunging sharply toward the
$40,000 region. The leading cryptocurrency saw an 8% decline to
$41,900 before reversing part of the losses and opening Monday’s
trading 5% down at $42,090. Related Reading: Ethereum Rises: ETH
Remains Steady At Over $2,300 Amid Bull Market Expectations Bitcoin
Momentum Could Lose Steam CoinGecko’s price updates show that
Bitcoin has only shown slight variations over this period,
indicating that it is in an equilibrium phase after its recent
price spikes. The subtle fluctuations in the price of Bitcoin
indicate not just a break but also a chance for market players to
evaluate the situation as it stands. The well-known cryptocurrency
trader Josh Olszewicz, who goes by the handle CarpeNoctom on
X, completed an empirical study that suggests there is a
considerable chance that Bitcoin (BTC) could collapse and possibly
drop below the $38,000 mark. $BTC bear case = 35.7k (daily Kijun)
SL on longs prob prudent around 42.8k pic.twitter.com/NqyLsJS9Nq —
Josh Olszewicz (@CarpeNoctom) December 10, 2023 Based on his
analysis of the daily Kijun line—a pivotal technical signal in the
world of cryptocurrency trading—Olszewicz maintains a gloomy
outlook. A crucial medium-term trend indication in cryptocurrency
trading is the Kijun Line, which is a component of the Ichimoku
Cloud indicator. Averaging the highest high and lowest low across
26 periods, it helps traders determine levels of support and
resistance as well as the general direction of the trend. Bitcoin
slightly below the $42K level today. Chart: TradingView.com Prices
may suggest a bullish or bearish trend depending on whether they
are above or below the Kijun Line. When Goichi Hosoda created the
Ichimoku Cloud in the late 1930s, the Kijun Line was one of the
main components. Share this chart with your financial advisors (and
the disclosures below). Based on your risk tolerance and investment
objectives, the addition of #Bitcoin, even in small increments like
0.5%, 1.5%, 2.5%, and 3%, has the potential to alter the dynamics
of the traditional 60/40… pic.twitter.com/mfLFsmD4LK — VanEck
(@vaneck_us) December 10, 2023 Meanwhile, prominent asset
management company VanEck has emphasized that Bitcoin’s (BTC)
historical performance does not guarantee future outcomes. Dark
Road Ahead? This word of caution is important because VanEck is
investigating the possible effects of adding Bitcoin to
conventional portfolios, which puts the typical 60/40 investment
approach to the test. Related Reading: Cardano Rises $56% To
Dominate Weekend’s Top 10 Roster – Details Justin Bennett,
another cryptocurrency trader and analyst, is issuing an alert
that Bitcoin (BTC) might revers its upward trajectory following
another surge. Share this chart with your financial advisors (and
the disclosures below). Based on your risk tolerance and investment
objectives, the addition of #Bitcoin, even in small increments like
0.5%, 1.5%, 2.5%, and 3%, has the potential to alter the dynamics
of the traditional 60/40… pic.twitter.com/mfLFsmD4LK — VanEck
(@vaneck_us) December 10, 2023 Bennett informs his 110,600 X social
media followers that Bitcoin may rise one more time before making a
correction. The analyst provides a chart demonstrating how, on the
daily chart, Bitcoin is presently trading inside a sizable
ascending channel, with the pattern’s horizontal resistance located
at roughly $48,000. Based on the trader’s chart, it appears that he
believes that after reaching his upside target, Bitcoin will drop
below $38,000. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Pixabay
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