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Home»BITCOIN NEWS»Bitcoin could fall below $38,000, analysts say.
BITCOIN NEWS

Bitcoin could fall below $38,000, analysts say.

By Crypto FlexsDecember 11, 20233 Mins Read
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Bitcoin could fall below ,000, analysts say.
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Over the past 24 hours, cryptocurrency markets have witnessed Bitcoin solidifying its position in the digital finance space.

Amid expanding cryptocurrency selling, Bitcoin provided yet another example of its notorious volatility, plummeting into the $40,000 region.

The major cryptocurrency fell 8% to $41,900 before reversing some of its losses and opening Monday trading down 5% at $42,090.

Bitcoin Momentum Could Lose Steam

According to a price update from CoinGecko, Bitcoin has seen only minor fluctuations during this period, indicating that it is in an equilibrium phase after the recent price surge.

Subtle movements in the price of Bitcoin do not just mean a break, but an opportunity for market participants to evaluate the current situation.

Josh Olszewicz, a well-known cryptocurrency trader who goes by the name CarpeNoctom on

$BTC

bear case = 35.7k (daily Kijun)

SL’s long-term trading potential would be cautious at around 42.8k. pic.twitter.com/NqyLsJS9Nq

— Josh Olcevic (@CarpeNoctom) December 10, 2023

Based on his analysis of the daily baseline, a pivotal technical signal in the world of cryptocurrency trading, Olszewicz maintains a gloomy outlook.

An important medium-term trend indicator in cryptocurrency trading is the baseline, which is a component of the Ichimoku Cloud indicator.

By averaging the highest highs and lowest lows over 26 time periods, it helps traders determine support and resistance levels as well as the general direction of the trend.

Bitcoin slightly below the $42K level today. Chart: TradingView.com

Depending on whether the price is above or below the baseline, it can indicate a bullish or bearish trend.

When Koichi Hosoda created the Ichimoku Cloud in the late 1930s, the baseline was one of the key components.

Share this chart with your financial advisor (and the disclosures below).

Depending on your risk tolerance and investment objectives. #BitcoinEven small increments like 0.5%, 1.5%, 2.5%, or 3% have the potential to change the dynamics of the traditional 60/40. pic.twitter.com/mfLFsmD4LK

— Vaneck (@vaneck_us) December 10, 2023

Meanwhile, renowned asset management firm VanEck emphasized that Bitcoin (BTC)’s historical performance does not guarantee future results.

Are you facing a dark path ahead?

This caveat is important because VanEck is examining the possible effects of adding Bitcoin to an existing portfolio, testing a typical 60/40 investment approach.

Another cryptocurrency trader and analyst, Justin Bennett, issued a warning that Bitcoin (BTC) could reverse its upward trajectory after another surge.

Share this chart with your financial advisor (and the disclosures below).

Depending on your risk tolerance and investment objectives. #BitcoinEven small increments like 0.5%, 1.5%, 2.5%, or 3% have the potential to change the dynamics of the traditional 60/40. pic.twitter.com/mfLFsmD4LK

— Vaneck (@vaneck_us) December 10, 2023

Bennett tells his 110,600 social media followers that Bitcoin could rise one more time before a correction.

On the daily chart, the analyst provides a chart showing how Bitcoin is currently trading within a significant upward channel, with horizontal resistance in the pattern located around $48,000.

According to the trader’s chart, he appears to believe that Bitcoin will fall below $38,000 after reaching his upside target.

(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is at risk.)

Featured image from Pixabay

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