The last 24 hours of the cryptocurrency market are spent protecting the gains of February 4th. Bitcoin (BTC) price surpassed $41 for the first time since Jan. 21, and the altcoin market was accompanied by double-digit gains. Is the latest market rally fake? Let’s take a look at the current forecasts…
What can contribute to the rise of Bitcoin?
With US tech stocks plummeting for the week, the cryptocurrency market has not been able to recover from its corrective price movements. Recent data reveals that the US added nearly 500,000 new jobs in January alone, despite the spread of the Omicron variant. On the other hand, BTC price has been in a strong downtrend for the past few months and has not seen a significant positive correction for a while. Now let’s move on to the experts’ opinions to answer whether these are a confirmed downtrend…
Is the recent market rise fake? What’s next for Bitcoin?
Analyst Michaal van de Poppe is trying to understand whether Bitcoin’s latest bull run is sustainable. He believes the $40,000 retest for BTC could cause turbulence in the market:
It has been a really stressful day as the weekend approaches… FOMO is swamping the market as consumers feel left out… After a small climb from $36,000, Bitcoin has exploded. Another test took place at $37,000, after which the market started to rise…and lots of shorts were liquidated as volume continued to rise.
The analyst then assesses where BTC might go next:
As volume is at its highest level since the crash, the question now is whether this is a fraud or a continual movement.
According to Van de Poppe, whose analysis we shared as Kriptokoin.com, Bitcoin will find a serious resistance in the range of $ 40,700 – $ 41,500:
If it can be broken, I believe Bitcoin will test $44,200, but most likely $46,000.
More people will sell around $40,700, putting pressure for Bitcoin to drop below $38,400, according to the expert:
It’s a scam… and if Bitcoin doesn’t make it today or in the next 24 hours, BTC will likely test lower.
“39 thousand dollars is critical for BTC”
If Bitcoin breaks below $38,900, the analyst sees it as an important support level. If this level does not hold, he predicts that BTC could drop to the $33,000-34,000 region:
Bitcoin (BTC) is approaching resistance on a longer timeline and the price will likely fall to find support. If it consolidates a bit here and stays above $39,000, there is a high probability that Bitcoin will touch $44,000 – $46,000.
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