- Bitcoin price prediction expects a drop to $32000 level.
- Strong resistance lies at the $37500 mark.
- Strong support lies at the $35500 mark.
The king of cryptocurrencies disappointed traders as it could not break the all-time high past $42,000. The king, as of now, is moving downhill. Bitcoin peaked for the 24-hour price chart at $39,840 right at the beginning of the day, but only to go down to the 24-hour low at $34,400. After gaining some momentum, the king found stability in the $36,000 range. At the time of writing, Bitcoin stood at $36,743.
The market for Bitcoin is bullish. Out of the total technical indicators, 14 are standing at buy, whereas nine indications are neutral with five sell indications. Out of the total oscillator indicators, most are neutral, with one sell indication and two buy indications at the time of writing. Out of the 17 moving averages, 12 are giving out buy indications with four sell indications and one neutral indication.
Bitcoin price prediction: What to expect?
In his Bitcoin price prediction, analyst Alan Masters states that the bears have won over for the king of cryptocurrencies, as Bitcoin moves lower to establish lesser highs. After a few days of the retrace, the cryptocurrency began to gain momentum, and analysts were hopeful; however, it seems that the king has disappointed everyone. The analyst believes that Bitcoin’s price is to follow the bearish move and take a dive. The relative strength index (RSI) and moving average convergence divergence (MACD) are trending lower, further fueling the bearish momentum.
Masters believes that Bitcoin is facing a downward resistance line, which will push Bitcoin lower. Bitcoin previously tested the EMA-21 before going up establishing a low high; per the analyst, this means that Bitcoin will now test the next exponential moving average (EMA) as support, which is EMA-50 (in dark pink). The next target price for the cryptocurrency can be $27,795, which lies at the EMA-50. The Fibonacci retracement levels of 0.382 ($32,151) followed by 0.5 ($29,109) and 0.618 (26,066) will also be acting as strong support levels. However, the analyst furthers that if the price of Bitcoin closes above $36180, then the analysis stands invalidated.
Analyst Polar Husk has found that the cryptocurrency has broken out of the ascending trend line with a bearish candle in their Bitcoin price prediction. Per the analyst, the 0.786 Fibonacci level, which lies parallel to the $39500 price level, is a strong Bitcoin resistance point. This rejection caused traders to panic and sell. Husk furthers that the sale of Bitcoin led to its price dropping to the Fibonacci level of 0.618, which stands at the price level of $33,972 as the sellers took control of the market.
However, the $34,000 price level has established itself as strong support with the confluence of the 100MA. The analyst states that this is a crucial time for the bullish pressures to dominate because if bearish momentum continues, Bitcoin price can take a dip to the $31,000 to $32,000 level again.
Analyst Mahtab Sh has identified an ascending channel formation in her Bitcoin price prediction. The analyst is not hopeful for the cryptocurrency’s future as a break out to the downside seems likely. The analyst believes if Bitcoin is rejected by the upper boundary of the channel then it is likely to break out into a second lower channel.