Bitcoin experienced a recovery that caused it to hit $ 40,000 yesterday after a $ 12,000 price drop Monday.
However, the leading cryptocurrency failed to stay above this level and fell to an intraday low of $ 37,600 a few hours ago. Although BTC has gained several hundred dollars in value since then, it is still trading below $ 39,000.
Blockroots founder and Bitcoin trader Josh Rager stressed that Bitcoin was rejected at $ 40,000 and now BTC must be supported at $ 37,000 to prevent further fall. According to him, the correction may not be over yet. For the old uptrend to continue, Bitcoin has to break the $ 41,000 level again. In addition, Rager is looking for an uptrend in the long term and predicts that Bitcoin could reach a 6-digit price in early 2022. Bitcoin’s long-term fundamentals and adoption by institutional investors will be the catalyst behind its continued rise.
The popular Twitter analyst named “Il Capo Of Crypto” stated that Bitcoin could fall below the support of $ 37,000 and will make a bottom buy in the price range of $ 35,000 – 36,000. In the long run, he’s also expected to rise, but according to him, the correction is not over yet, so Bitcoin could fall further. Again, according to the analyst, traders should be vigilant and take advantage of the available opportunity to make short-term profits.
Bitcoin exchange Binance has many buy orders in the price range of $ 38,200 to $ 38,400 that seem ready to take the small drop in that level. The analyst named “Byzantine General” also states that the short-term support is $ 38,000 and if this support zone is broken, Bitcoin could drop to $ 35,000.
Trader “Jonny Moe” points out that Bitcoin will not see its all-time high directly on the first try, but expects a correction first. However, according to him, the fundamentals are still strong, so Bitcoin could hit a new all-time high in February.
Technical indicators show that Bitcoin could create a new ATH chart if it breaks above the resistance levels of $ 40,000, $ 40,775, $ 41,000 and the current record $ 42,000. On the other hand, levels of $ 38,000, $ 37,150 and $ 36,000 appear as support.