Bitcoin sank to an intraday low of $39,714.69 on Friday, following a late surge above Wednesday’s critical resistance level of $41,500. BTC declined as traders prepared for the long Easter weekend.
Bitcoin – the world’s most sought-after digital asset – has fallen about $10,000 from a two-week high of $48,220, its highest level in over four months.
But, after weeks of retreats it seems that market analysts have identified $39,300 as a stable floor, and bulls will now attempt to drive prices higher.
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Bitcoin Feeling the Pressure
Some investors have been repelled by geopolitical worries and concerns over macroeconomics.
On Thursday, Russian President Vladimir Putin said that the peace negotiations with Ukraine are deadlock.
Putin further vowed that Russia’s “military operation” will continue indefinitely.
On a technical level, Bitcoin’s 200-day moving average significantly stymied the recent bull run, resulting in a large price fall.
The market is currently controlled by bears, with the price falling rapidly. This has led to a breach below the 100-day and 50-day moving averages.
Bitcoin support is at its next level with the demand levels at $37K, and $34K. The price may climb to the $45K resistance level if it holds steady at the $37K support zone.
BTC Total Market Cap at 752.41 Billion on the Daily Chart | Source: TradingView.com
BTC Might Touch $33K
If this level is not maintained, Bitcoin’s next stop could be the $33K important demand zone.
Bitcoin has lost more than 15% in the last week, prompting one indicator to declare that the market has entered a time of “severe anxiety.”
This price drop is occurring in context of wider global financial market downturns, caused by geopolitical crisis and uncertainty about the US Federal Reserve’s tightening of monetary policy.
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Future Still Looks Bright
Despite the current dismal performance of Bitcoin, a prominent trader believes that the cryptocurrency’s price might potentially double in the next two years.
Peter Brandt responded to Tuur Demeester’s tweet. He is a longtime Bitcoin advocate.
According to the latter, following extended periods of consolidation, Bitcoin tends to erupt “like nothing else on this earth.”
According to Brandt’s forecasts, Bitcoin may either double in value in two years or continue its streak of sideways trading for an extended length of time.
A seasoned trader previously predicted that Bitcoin’s next “rocket stage” will begin in 2024, based on how prior market cycles have unfolded.
Featured image by DataDriveInvestor. Chart on TradingView.com