Bitcoin price has made a few attempts in recent sessions to generate momentum in order to break through the $39,800 resistance. The bears, on the other hand, stayed active and safeguarded a move above $40,000 in value.
A new low was reached below the $39,000 support level. A break below the $38,600 support level and the 21 simple moving average was also seen (H1).
It is currently consolidating above $38,000. On the hourly chart, there is also a connecting bullish trend line with support near $38,000. If the price breaks below the trend line on the downside, it might fall quickly to $37,100. Near $36,000, the next big support is found.
Bitcoin Price To Plunge More in 2023, Says Analyst
Bitcoin might fall by 76 percent to $10,000 by 2023, according to Stifel’s Barry Bannister. Gareth Soloway, President and CFO of InTheMoneyStocks.com, agrees that Bitcoin faces headwinds in terms of monetary outlook and has set a high-end objective of $20,000.
During a recent podcast, he went on to say, Bitcoin is viewed like a risk on assets, therefore it’s treated like a tech stock.
He says he’ll start nibbling on a longer-term entry for Bitcoin when it comes to $20K, and then he’ll just keep buying all the way down.
The RSI was at its lowest point on February 21st. Since then, it has generally remained at 45. As a result, Bitcoin has taken on a bearish trend. This simply suggests that the chances of Bitcoin continuing in oversold territory in the near term are increasing.
Meanwhile, the market appears to be fearful in the midst of the Ukraine-Russia war. Indeed, some investors have succumbed to panic selling. Long-term players, on the other hand, have complete faith in the king coin.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-prone-to-fall-at-this-level-by-2023-traders-watch-these-pivot-level/