Bitcoin price appears to have stronger bearish signals than last week’s sell-off. According to market experts, the price of the leading cryptocurrency Bitcoin has multiple signals targeting levels below $40,000.
Downtrend, a strong bear market signal
Bitcoin price is printing larger bearish candles than seen last week on the 4-hour chart on Monday. The current sell-off looks pretty strong, with several confluence zones pointing to levels below $40,000. So Bitcoin’s price action shows that the bears are stronger than before.
Bitcoin price decline seems to be just beginning as the bears show superior strength to kick off this week’s trading session. According to FXStreet analysts, the current price of $ 40,780 is unlikely to find support. Last week, the BTC price consolidated for four days before dropping 10 percent in just one day. Traders can expect a similar behavior as the BTC price consolidated again for four days over the weekend and showed a much stronger price drop than the bears.
Analysts: Bitcoin will rise if it exceeds $43k
FXStreet analysts expected the BTC price to withstand further declines last Thursday. But now that the sale has unfolded, analysts’ next question is where will it end. The mirrored action of selling last week pointed to $39,100, while a Fibonacci projection tool appears to hold the 2,618 level at mid-$38,000. Both targets would be easily breached, with the lack of bullish defense shown in the current Bitcoin price action, according to analysts.
According to FXStreet analysts, whose analysis we often use as Cryptokoin.com, investors can jump into the downtrend and wait for another price pattern to appear on the 4-hour chart. There will be a price increase above $43,333 to invalidate the downtrend. If this happens, the $50,000 BTC price target will be in question again, resulting in a 20 percent increase from the current Bitcoin price.
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