As a seasoned crypto investor with several years of experience under my belt, I can’t help but feel uneasy about the recent downturn in Bitcoin’s price. The fact that it has plummeted below the $58,000 level and failed to consolidate above its all-time high is a cause for concern.
As a crypto investor, I’ve noticed that the cryptocurrency market took a hit recently when Bitcoin dipped below the $58,000 mark. This sudden drop has left some bullish investors feeling uneasy, as it may indicate that the downtrend could continue and push the price down to the $44,000 support level.
The lack of success for Bitcoin in holding and revisiting its record peak of $73,700, achieved back in March, has led to a decline of more than 20% when considering monthly price changes.
Bitcoin Price At Risk
Expert analysis by Blockchaineddbb reveals that if Bitcoin’s daily closing price falls below the current 200-day exponential moving average ($58,000), it could be a sign of an impending drop in Bitcoin’s value to approximately $44,000.
A warning from the analyst: Don’t expect a rebound after the market closes below the 200-day moving average; instead, consider the historical importance of this occurrence.
According to Blockchaineddbb’s examination, dropping below the 200-day moving average for Bitcoin has historically led to a significant price decrease. On average, this event caused Bitcoin’s value to drop by approximately 30%, with fluctuations ranging between an 8% and a 50% reduction.
If Bitcoin breaks the 200-day moving average with a daily close, this could indicate that the cryptocurrency is entering potentially risky territory, causing unease among investors. To minimize potential losses, an analyst recommends setting a sell target prior to any anticipated drop, around the next notable support level at $50,000.
Navigating The Bearish Storm
During a bear market, Blockchaineddbb offers helpful guidance on estimated average support levels for investors looking to maintain their positions.
The estimated costs for these levels are $50,000, $48,000, and $44,000, with the lowest being the most unfavorable option. Long-term investors should stick to their predetermined purchasing schedule, which includes buying positions on certain dates: June 22nd, September 22nd, and December 22nd.
As a researcher, I’ve analyzed the market trends and based on my findings, I believe the ideal price for exiting our investment is still set at $75,000. I anticipate reaching this goal by the end of the year.
Based on several elements including the anticipated September drop, the Mt. Gox settlement timeline, and approaching elections, the analyst proposed that the existing bearish market trend is likely to continue unabated up till December.
As a researcher studying the cryptocurrency market, I can tell you that if the current pessimistic attitude towards crypto persists, it’s likely that altcoins will experience significant losses before the year is out. It’s important to keep in mind that this trend could change if Bitcoin successfully closes above its 200-day exponential moving average (EMA). However, based on current market conditions, the likelihood of Bitcoin achieving this seems slim.
At present, the Bitcoin rate is at $56,435, which is slightly under the significant moving average (EMA) of $58,000. The price dipped to a low of $53,500 during early trading hours on Friday.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-07-06 14:49