bitcoin and cryptocurrency The market has been showing a bearish trend in recent days and is struggling to show any recovery moves.
Experts evaluated what the next movement of the Bitcoin price might be.
IDX Digital Assets CIO Ben McMillan explained the critical support and resistance points for BTC:
“In the short term, the $43,000 level could act as a critical support. On the upside, the $47,000-$48,000 level, which BTC has had a hard time overcoming recently and there has been a selling pressure, may be resisted.”
“If $42,000 Breaks in Bitcoin, Next Stop Will Be $39,000”
Armando Aguilar, head of alternative strategies at financial services company Ledn, made a different comment on the subject:
“BTC has broken its monthly pivot in the middle of $43,000. Despite this, the price trend showed strong support. The next support point for Bitcoin is at $42,000 and if it breaks, BTC could drop to mid-$39,000.”
Interestingly, BitBoy Crypto founder Ben Armstrong made almost the same points:
“The critical level for BTC price is $42,000, it’s fine as long as we stay above it. If this level is broken, a drop to around $39,000 is possible.
On the upside, I think the resistance at $46,000 will be the next target.”
“It Might Be Over $50,000”
Mark Elonowitz, co-founder of Ethereum-based exchange Upstream, gave a more optimistic comment for the BTC price:
“The confidence of the cryptocurrency market may have been shaken in the short term, but when we expand the timeframe you look at, we see that BTC is in extremely bullish favor.
Most of the price action seems to depend on the decisions of the FED for now, but I believe this will be valid for the short term. Even if the current market sentiment seems to be in favor of the bear, I think that $48,000 and above will be reached with the re-exceeding of $46,000 in the coming weeks.
If this happens, there is a possibility that the resistance between $49,000 and $50,000 may not be broken in a few tries. The support point may then need to be retested. Afterwards, considering the continuation of Bitcoin adoption despite all macro conditions, it can easily be reached to $50,000 and beyond.”
*Not investment advice.