Bitcoin found itself at a pivotal juncture, having witnessed a significant 12% drop from its recent highs from last month. Bitcoin now risks breaking the $40,000 support lower. This has sparked a flurry of speculation among investors, who are closely monitoring the evolving landscape of the cryptocurrency market and the broader economic factors at play. Let’s delve into this Bitcoin price prediction with the latest insights.
Bitcoin’s Most Crucial Support Level
The recent downturn in Bitcoin’s price has raised eyebrows across the investment community. Despite a temporary deceleration in the downward trend, the decreasing trading volume casts doubt on the sustainability of any potential recovery. The strong support level below the current price point directs sits around $40,000. If broken lower, Bitcoin risks to reach lower price areas.
Where will Bitcoin reach if the Support was Broken?
The $40,000 support level holds historical significance, having served as a robust foundation for Bitcoin’s price on several occasions, most notably in the previous year. This level’s historical resilience fuels speculation about the possibility of a rebound, reminiscent of past recoveries. If $40,000 is broken lower, then the next support for BTC sits around $30,000.
Bitcoin Price Prediction: Will Bitcoin Crash Further?
Given the volatile nature of Bitcoin and its sensitivity to broader market trends and regulatory news, caution is warranted. If the $40,000 support level is breached, we could see a further decline down to the $30,000 as a worst case scenario.
However, as the Bitcoin halving event is due in a couple of weeks, we shouldn’t reach this scenario, and prices should be able to readjust higher towards the $50,000 price mark. This is currently confirmed by the buying power shown on the weekly Bitcoin chart.
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Source: https://cryptoticker.io/en/bitcoin-price-prediction-2024-will-bitcoin-crash-to-30000/