Bitcoin price can drop up to 31k
Updated
Hi everyone,
Bitcoin spot ETF finally has been approved and now hype surrounded this event is slowly fading out.
As expected Bitcoin price didn't manage to hold above 47000 on daily chart and dropped below 43000 soon after spot ETF approval.
So what to expect from Bitcoin price in the next 2-3 months?
I expect Bitcoin price to enter in to correction phase and price slowly falling down to at least 31300 support line.
As it shown on the chart I don't expect BTC price to fall straight to 31300 support level but more likely it will take at least one month or more.
First obstacle will be 40300 price level as in the last 30 days there is located strong support area and buying power is very strong. So breaking this level will be essential for bears to push price down.
If Bitcoin price drops under 40000 price level then there are located two support areas where price can stop. These areas located at 38000 and 35100 price levels.
But my main target for the next couple months is 31300 support area which was strong resistance after breaking which Bitcoin pumped up to 49000. So it's kinda make sense if Bitcoin price drops there before halving happens.
I'm not sure if Bitcoin price drops under 31300 but I wouldn't rule out this entirely.
Please, do not forget to boost this idea & share it with your friends; thanks.
Bitcoin spot ETF finally has been approved and now hype surrounded this event is slowly fading out.
As expected Bitcoin price didn't manage to hold above 47000 on daily chart and dropped below 43000 soon after spot ETF approval.
So what to expect from Bitcoin price in the next 2-3 months?
I expect Bitcoin price to enter in to correction phase and price slowly falling down to at least 31300 support line.
As it shown on the chart I don't expect BTC price to fall straight to 31300 support level but more likely it will take at least one month or more.
First obstacle will be 40300 price level as in the last 30 days there is located strong support area and buying power is very strong. So breaking this level will be essential for bears to push price down.
If Bitcoin price drops under 40000 price level then there are located two support areas where price can stop. These areas located at 38000 and 35100 price levels.
But my main target for the next couple months is 31300 support area which was strong resistance after breaking which Bitcoin pumped up to 49000. So it's kinda make sense if Bitcoin price drops there before halving happens.
I'm not sure if Bitcoin price drops under 31300 but I wouldn't rule out this entirely.
Please, do not forget to boost this idea & share it with your friends; thanks.
Note
Bitcoin price closing to 40k support and it looks like it will be broken soon.If BTC price drops under 40k then 38k support line will be next target.
Note
Bitcoin dropped under 40k and currently is trading below 39k.I guess that first stop will be around 38k after which we can see some bounce.
Note
After price correction up to 44k BTC price starts falling again.At the moment BTC price didn't manage to break 44k and now will try to break 42k.
As it was last time 40k - 41k level will be crucial for bulls.
If BTC price plunge under 40k again then we might see much deeper movement than it was before.
Note
Bitcoin price continue to play stablecoin at around 43k price for 9 days.It's not reacting on any news good and bad.
So we have to just wait and see where price goes.
Note
Bitcoin price almost reached its local high at 48800 level.This time BTC price might test higher levels but I doubt that it will manage to break them from the first attemt.
Note
Bitcoin price set new yearly high and almost reached 53k.In this scenario it's highly unlikely that BTC price will drop to 31k price level unless some black swan event happens.
Probably we won't see Bitcoin under 40k.
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