bitcoin The price suffered a small loss at the end of last week and regressed to $ 40,000 from the $42,000 level it climbed.
After that, the world’s largest cryptocurrency It rose again and is trading at $41.172 at the time of this writing.
After these developments, some market experts shared their views on where the Bitcoin price could go with investors.
“Next Support For Bitcoin Price Could Be $34,000”
Mark Elonowitz, the founder of the Ethereum-based Upstream exchange, said that he believes the support of $ 40,000 will last for a while and added:
“Despite the recent decline and bad news globally, BTC price staying above this level gives me a clue that there is strong support at the $40,000 level. The next support point could be $34,000.”
Richard Usher: “If the region between $45.500 and $46,000 is exceeded, the Horizontal Period May End”
OTC Trading leader Richard Usher also agreed with the views on the $40,000:
Initial support could be located at the psychological $40,000 level and stronger support at $37,500. In the event of a rally, the critical resistance level is between $45,500 and $46,000. A break here will end the last consolidation period and exceed $52,000.”
Josh Olszewicz: “Trend Could Turn To Bullish If $44,500 Level Is Crossed”
Valkyrie Investments research leader Josh Olszewicz claimed that an ascending triangle has formed on Bitcoin’s chart:
“Technical analysis shows that the ascending triangle formation in BTC price continues, which can be interpreted in favor of bulls.
The chart pattern shows a 1.618 Fibonacci expansion and the price could be planning a move between $50,000 and $55,000 unless low lows occur. The probability of this pattern happening will be greatly reduced as the price breaks the cross support. If the model fails, volume support lies between $32,000 and $38,000.
However, with the 200-day EMA at $44,500, it coincides with a horizontal resistance in the ascending triangle. If this level is exceeded, the probability of a trend reversal in favor of the bull becomes stronger.”
Brett Sifling, analyst at Gerber Kawasaki Wealth & Investment Management, explained his thoughts as follows:
“If the $35,000 support or the $45,000 resistance is breached, I expect a breakout or collapse. The longer an asset moves in a tight price range, the harder the ensuing move.
*Not investment advice.