Bitcoin

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-42000-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Potential $42,000 Drop</a><br></p>
<p style="text-align: justify">Bitcoin’s recent sell-off has analysts predicting a potential drop below the significant $45,000 mark. Tradingview <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> a steep decline of over 12.8% in the last 24 hours, bringing the price down to $52,369, a level last seen in February 2024.</p>
<h2 id="what-are-experts-saying">What Are Experts Saying?</h2>
<p style="text-align: justify">Alex Kuptsikevich, a senior <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> analyst at FXPro, suggests the possibility of Bitcoin falling to $42,000 if buyer support remains weak. He noted that Bitcoin’s dip below its 50-week moving average could trigger further selling pressure, similar to trends observed in late 2021 and early 2022. Kuptsikevich emphasized the importance of psychological price levels like $42,000, which could dictate Bitcoin’s near-term momentum.</p>
<h2 id="what-could-happen-next-for-bitcoin">What Could Happen Next for Bitcoin?</h2>
<p style="text-align: justify">Despite the downward momentum, Bitcoin may still recover if it can reclaim the $51,000 level, according to <a href="https://en.bitcoinhaber.net/cryptocurrency-market-update-bitcoin-stabilizes-altcoins-show-mixed-performance" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> Moon. He stated that failure to hold this support could see Bitcoin plummet to $45,000. Kuptsikevich added that this recent drop of over 20% aligns with historical bull cycle corrections, initially triggered by Bitcoin’s inability to surpass $70,000.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– Monitor the $50,000 psychological support level closely.<br> – A failure to reclaim $51,000 could result in a drop to $45,000.<br> – Be prepared for increased volatility if Bitcoin falls below $50,000.<br> – Note the potential liquidation of over $400 million in futures short positions if Bitcoin declines past $50,000.</p>
<p style="text-align: justify">Despite the challenging market environment, Bitcoin has a notable support level at $50,000. Data from Coinglass indicates that a fall below this threshold could lead to significant liquidations, exceeding $400 million and potentially up to $520 million if Bitcoin drops below $49,400. Investors should brace for heightened market volatility and keep a close eye on critical support and resistance levels.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-42000-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Potential $42,000 Drop</a></h5>

Bitcoin Faces Potential $42,000 Drop

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