Altcoin Analyst Warns: Bitcoin Price Could Drop To These Levels!
The price of Bitcoin has dropped to $ 42,000 in Binance, and it is trying to recover $ 47,000 after a $ 10,000 loss. The decline came after El Salvador legally introduced Bitcoin (BTC) and made October purchases of additional BTC. So, with Bitcoin reaching $ 52,000, the miners sent 1,570 Bitcoins to crypto exchanges to lock in some profits and cash in BTC to cover operational and living costs. What levels are expected now? A bear start? We get the opinions of 2 experts to answer…
Bitcoin (BTC)’s latest fall closely resembles April peak, according to analyst Capo
A popular crypto strategist and trader who correctly interpreted the latest Bitcoin fix says the bear situation will remain valid unless BTC reaches a crucial level. The analyst, known by the nickname Capo, tells his 154,200 Twitter followers that Bitcoin's current market structure is similar to April's price move, when BTC raised over $ 60,000 before launching a sharp 50% correction.
It looks a lot like the $ 64,000 peak.
Late last month, while Bitcoin traded close to $ 50,000, Capo predicted a steep correction that could lower the price of Bitcoin to $ 37,000.
The structure of the low-time bullish market has deteriorated. Expect a lower high (dead cat bounce) from here, but then drop to $ 37,000- $ 40,000, which would be a very good buying opportunity in the long run.
With Bitcoin currently trading just under $ 47,000, the crypto strategist believes BTC could ignite the next leg of the downtrend unless it recovers a significant level of support.
Now, if it goes back below the top blue line, the downgrade scenario would still apply. The funds make me think that would be an aberration.
According to Capo's chart, a bullish scenario for Bitcoin involves a move above the $ 50,000 resistance and turning it into support. However, if Bitcoin drops below $ 46,000 in support and retests as resistance, the largest cryptocurrency by market capitalization could drop as low as $ 37,000.
BTC is more stable during the day, at least for now
Analyst Justin Low sees a quiet start to trading in the market and some stability after yesterday's collapse. For Bitcoin (BTC), the drop below $ 50,000 is less than ideal, according to the analyst, because the buyers ' conviction has been dealt a heavy blow, but they have not yet fallen for the count. Yesterday's sharp drop was also taken quite quickly (although still much lower than at the start of the day) and the price has been hovering at these levels ever since.
That suggests buyers are clinging to whatever support they can find for now, according to the analyst, with the 200-day MA (Yesil line) roughly $ 45,950. There is still some bias to hold on to that and buyers to maintain a higher push. If it breaks down, however, that would mean more danger for the price to revisit the $ 40,000 mark, according to the analyst.