According to Bloomberg’s latest Bitcoin (BTC) report, some closely watched technical indicators suggest that Bitcoin could drop to its lowest level since December 2020 if it fails to maintain the $29,000 support.
in a row 9 weeks Starting the new week with a rise after closing with a loss bitcoin Along with this, many altcoins are experiencing reaction rises. At the time the news was written $31,780traded from bitcoindespite the recent increase May bear the moon down 15.6% closed.
The recovery in Bitcoin Contrary to the thoughts that the decline has come to an end, there may be a rise before a new fall. Notably, the Bloomberg report states that based on past price action patterns, Bitcoin’s, $29,000 fails to maintain support level $22,130He said it could go as low as
Bloomberg Intelligence senior market structure analyst Jamie Douglas CouttsBitcoin 30,000 dollars if he can maintain his psychological support $40,000can rise up to $29,000 If the downward breakdown of the region may deepen the decline. told.
If Bitcoin can maintain the psychologically important $30,000 support, it could be traded up to the $40,000 resistance. Technically, the downside break of the 29,000 zone confirms a double top formation where Bitcoin could retrace to the next support at $25,424 from May low, followed by the 200-week moving average support at $22,130.
Coutts In addition, after the second half of 2022, the attention of experienced investors, May of 2024 expected to occur in Bitcoin halvingHe stated that they would convert it to .
Bitcoin usually shows its strongest performance in the 12 months after each halving.