Last week, Bitcoin price fell with strong bearish momentum, resulting in a break below the 50-day and 100-day moving average lines on the daily timeframe. According to analysts, this shows that the bears are currently in control of the BTC market.
What to expect in Bitcoin price in the long run?
The recent price action in Bitcoin shows that the negative momentum is weakening. The price experienced a short-term bullish breakout towards the rejected $41.6k. However, this could be considered a pullback to the $41-42k resistance level. In the long run, the $37,000 demand zone remains the next major support level for Bitcoin.
Given the bearish momentum and sentiment of the market, another downtrend towards Bitcoin (BTC)’s $37,000 support level seems imminent. According to Shayan, an analyst whose forecasts we closely monitor at Kriptokoin.com, if the price falls below the specified support level, the most likely scenario will be a collapse towards the critical demand zone of $ 33 thousand.
Short-term price prediction and how will this metric affect BTC?
According to Shayan, a short-term analysis of Bitcoin, the bulls tried to test and break the $42k resistance level, but failed. In the short-term time frame, two trend lines form a triangular price action pattern. A breakout in either direction could result in another breakthrough to the next support/resistance level. Based on the current market situation and the current uncertainty, Bitcoin is expected to continue and consolidate in these three price ranges in the medium term. The chart showing the Whale Ratio
provides an acceptable estimate of whether whales or individual investors are investing their money in crypto exchanges. According to the chart above, values above 0.5 occurred before the price dropped in the last few months. Currently, this metric is showing higher values once again. According to analysts, this could point to more downside for Bitcoin price in the short term.
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