Bitcoin (BTC) has failed to maintain a critical support level as crypto market selloffs deepen. There could be a distinct pattern in BTC’s recent dips that could signal a deeper drop.
Experts say Bitcoin price could deepen to $35,000
When Bitcoin fell below $39,900, it hit April lows and shed more than 3%. Concerns about rising inflation and the Fed’s aggressive monetary policy tightening are putting negative pressure on the leading cryptocurrency. According to experts, it is likely to drop below $35,000, although some may give up selling in the short term.
BTC in the midst of an impulsive wave drop
As you can see from this article, Bitcoin is undergoing an impulsive five-wave crash, according to “SmartContracter”, which is known for its accurate predictions. However, he predicts a “good recovery” as prices climb to $44,000 before hitting new lows. The expert said that a new round of buyers is expected to enter the market in response to the recent price drops in BTC price. However, a wide range of technical indicators suggest that Bitcoin will experience further declines. SmartContracter says in its recent Twitter analytics:
This is a quick jump that will rekindle everyone’s $44,000 enthusiasm.
He then expects the Bitcoin price to drop to a two-month low as a result of the recovery.
At what level will Bitcoin bottom out?
BTC’s recent price action showed it hit a new low around $40,000. But today’s drop refutes that theory and investors are scrambling to find the next bottom. In January, the BTC price was at a yearly low of $33,000 amid concerns about rising inflation and a hawkish Fed. In the view of the majority of investors, BTC has now reached a low point.
As a result, the current price of BTC since 2020 hints that it could drop as low as $25,000. Plan B, a well-known crypto analyst, whose analysis we share as Kriptokoin.com, argues that such a situation is not very unlikely.
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