CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Bitcoin (BTC) Price Risks Further Downside if This Key Support Fails: Top Analyst Sees $40K Next
Table of Contents
Market Musing-g

Bitcoin (BTC) Price Risks Further Downside if This Key Support Fails: Top Analyst Sees $40K Next

CaptainAltcoin
By CaptainAltcoin
1 month ago
5 mins read
Bitcoin (BTC) Price Risks Further Downside if This Key Support Fails: Top Analyst Sees $40K Next

Crypto analyst Ali made a post to explain why Bitcoin, which currently trades at $97,000 needs to maintain support at $96,000. Based on the X post, a breach below this level could trigger a pattern similar to previous market behavior.

His technical analysis suggests a potential retracement to $85,000, where historical data indicates strong support exists.

The analysis points to a broader pattern recognition similar to what happened in 2020. Then, a break below similar support levels has historically preceded substantial corrections. However, Ali’s chart maintains a constructive long-term outlook, suggesting that post-correction, Bitcoin could resume its upward trajectory toward $120,000.

Another Top Analyst Sees a BTC Dip to $40,000as Altseason Nears 

In a more bearish analysis, analyst Symbiote has liquidated their entire Bitcoin holdings at $102,000 after a two-year holding period.

According to their post, their extensive research points to three key predictions: an imminent major altcoin season, a potential Bitcoin retracement to $40,000 presenting a strategic re-entry point, and a bull cycle conclusion in October 2025.

Read More: YouTuber Predicts Cardano (ADA) Price Could Double Amid Market Correction – Here’s the Outlook

Bullish Perspective: Bitcoin to $120k Soon 

Countering these bearish perspectives, Doctor Profit presents a bullish outlook. With a track record of accurately predicting previous market movements, including the decline to $18,000 in 2021 and the FTX collapse, they project Bitcoin reaching $125,000 between January and February.

The convergence of these diverse analyses presents a complex market picture, with strong support at $96,000 serving as a crucial pivot point for Bitcoin’s near-term direction.

The market appears poised at a critical juncture, with potential outcomes ranging from a sharp correction to $40,000 to an upward surge toward $120,000-125,000.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
0 likes
|

Other articles published on Dec 10, 2024

Announcements

New Bretton Woods Lab Publishes Whitepaper on a Bitcoin-Backed Stablecoin Built Using Elastos Tec...

A team of Harvard students and alumni seeks to provide accessible, decentralized financial tools to promote economic inclusion and financial autonomy
By Optimisus
1 month ago
3 mins read
Market Musing-g

Big Money Bets: Top 3 Coins Poised for 8,000% Gains – Act Before It’s Too Late!

Amid the rising tide of digital currencies, some coins stand out with extraordinary potential. Market watchers suggest these assets could soar, possibly delivering gains of up to 8,000%. Such oppor...
By ETHNews
1 month ago
4 mins read
Trading Analysis

Avalanche (AVAX) and Polkadot (DOT) Complete Retests Post-Major Breakouts Amid Correction: What T...

By CoinsProbe
1 month ago
3 mins read
Market Musing-g

Bitcoin Price Prediction Today: BTC Price To Hit $94k?

The crypto market has dropped 5.62% in 24 hours and is currently valued at $3.44 Trillion with a trading volume of $349.745 billion. Following this, the price of Bitcoin has experienced a similar p...
By CoinPedia News
1 month ago
4 mins read
Market Musing-g

Qubetics Tokenized Marketplace Reshapes Investments | Polkadot Powers Interoperability | Fantom T...

The blockchain industry is making bold strides in reshaping how assets, applications, and transactions are managed. Qubetics is at the forefront with its tokenised assets marketplace, enabling seam...
By ItsBitcoinWorld
1 month ago
4 mins read
Market Musing-g

Unpacking Ethereum’s Demand: How Low Will ETH Dip Before Bouncing Back?

Key Points Ethereum’s orderbook ratio suggests a potential supply shortage and high demand around the $3,886.76 price point. Despite bullish indicators, increased inflow volume into exchanges could...
By CoinEagle.com
1 month ago
3 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!