Bitcoin could still drop to $37k, analyst predicts

The Bitcoin (BTC) price could potentially dip to the $37,000 region if the orange coin fails to hold its $43k critical support level, according to a fresh Analysis shared by crypto analyst Ali Charts, as key indicators suggest that Bitcoin’s fate still hangs in the balance.

Key insights

Crypto analyst, who goes by @ali_charts on social media, warns of a potential Bitcoin correction, linking it directly to a sustained close below $43,200. This crucial level acts as a litmus test for the market, indicating a bearish turn if breached. But if this support turns out to hold, it could trigger a possible BTC rise towards $47,360. 

Per data from CoinGecko, Bitcoin (BTC) is exchanging hands for $43,780 and has gained 3.40% in value over the last 7 days, with a trading volume of over $12 billion, making clear the level of activity in the market.

Meanwhile, the looming anticipation of the approval of spot Bitcoin ETFs in the U.S., adds another layer to Ali’s prediction. As detailed in a recent YouTube video from the CryptosRUs channel, the analyst believes that this approval could be the trigger for a substantial surge in Bitcoin and the broader crypto market.

In addition, Matrixport, a reputable source for crypto predictions, boasts a track record with two out of six predictions already materialized. Their latest forecast predicts Bitcoin reaching $50,000, with historical accuracy strengthening the anticipation surrounding this projection.

Matrixport’s journey of predictions includes a successful call in December 2022 when Bitcoin was valued at $17,000. Subsequent forecasts saw Bitcoin surpassing $29,000 on April 11, aligning with their projections. 

You might also like: Analysts predict Bitcoin surge to $160k by 2024

Global regulatory developments

Argentina’s government recently indicated that it would embrace Bitcoin adoption. Under President Javier Milei’s new administration, the digital asset was approved for use in contractual agreements.

This move is part of a larger trend across the globe in which governments recalibrate their attitudes toward digital assets.

For example, on Friday, Dec. 22, the Central Bank of Nigeria lifted its previous prohibition on cryptocurrency transactions — a significant shift in the country’s stance on the burgeoning crypto market in the country.

Read more: Bitcoin firm above $40K, Michael Saylor says bull run imminent
Follow Us on Google News

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

Solana-Based BONK Overtakes Shiba Inu & Dogecoin Volumes

Hình ảnh
BONK , a memecoin based on the Solana (SOL) network, has seen a significant price rise since November. The memecoin’s price remained stagnant for most of 2023 but has skyrocketed over the last month. Also Read: Here is How To Be a Millionaire When BONK Hits $0.01 BONK ’s recent rally follows a listing on Coinbase, one of the most significant crypto exchanges. Moreover, the Solana -based token’s trade volume has surpassed rivals such as Dogecoin (DOGE) and Shiba Inu (SHIB) on Coinbase, exceeding the $30 million mark. Will the Solana-based memecoin surge further? Source: NFT Evening Since January, BONK’s price has surged by over 6700%, making it one of the best-performing cryptocurrencies in 2023. The token has outperformed the likes of Solana (SOL), which has surged nearly 1000%, and Bitcoin (BTC), which has risen by about 160% in the same time frame. However, despite the recent price spike, the Solana -based token has faced a massive correction, falling by over 14% in the
Đọc thêm

Why Maker (MKR) Can Reach $2,000 as New Year Fever Begins

Hình ảnh
Three addresses bought 11,610 MKR tokens in the last seven days. Sellers are exhausted, so MKR bulls may push the token to $2,000. If the cryptocurrency hits $2,000, a 20% correction may happen. Maker (MKR), the governance token of the MakerDAO has been subject to another round of accumulation, Lookonchain revealed. According to the Lookonchain, three new wallets bought 18.6 million worth of MKR in the last seven days. The “smart money handle” also mentioned that the buyer(s) withdrew tokens from Binance and sent them into self-custody. The withdrawal from the exchange suggests the buyers plan to keep MKR in anticipation of a price increase.  More Increase for MKR in 2024 The accumulation happening a day before 2023 ends was a sign that MKR might have bullish tendencies going into 2024. Previously, Coin Edition had mentioned that some wallets bought some tokens including MKR. Since then, the cryptocurrency price has increased by 10.46% while tradi
Đọc thêm

Here's How to Be a Millionaire When Stellar XLM Hits $1

Assessing the current market conditions, the pursuit of XLM millionaire status requires a carefully devised strategy and timely execution. In the present market scenario, seizing the opportunity to acquire XLM today is seen as a potential avenue for significant gains. However, a pertinent question arises: what quantity of XLM is necessary to amass a million-dollar fortune? As per the latest market update, XLM is currently valued at $0.1225, with a trading volume of $83 million within the past 24 hours. For those aspiring to achieve a $1 million portfolio with Stellar priced at $1 per coin, the calculation is straightforward: divide the desired target of $1,000,000 by the coin price of $1, resulting in the acquisition of 1,000,000 XLM. Also read: Here’s How to Be a Millionaire When Polygon MATIC Hits $2 How much XLM do you need to become a millionaire if the price hits $1? To determine the current cost of this strategic investment, multiply the quantity of XLM (1,000,000) by
Đọc thêm