BitCoin Price Price Prediction 2024BitCoin Price It is among the crypto coins traded on stock exchanges. BitCoin Price comments and analysis, which are carefully followed by stock market investors, attract great attention. You can follow us and benefit from the information here.
BitCoin (BTC) price continues to oscillate between $40,000 and $44,000, straining the patience of its investors. However, the technical data reveals that a strong move is coming.
According to Coin telegraph Markets and TradingView data, BTC/USD has been maintaining its horizontal course since January 5th. It is moving within the corridor, where it tested the support line at $39,650 on January 10 and the resistance level at $44,500 on January 13.
The moving averages (MA) moving horizontally in the short timeframe and the relative strength index, which is close to the medium level ( RSI) shows that the market is in balance. It is unclear in which direction this indecision between the bears and bulls will break.
Popular analyst CryptoLevent, who tweeted about the BitCoin price on January 20, said, “BTC is still dancing at the critical threshold. I know it’s boring, but this is the essence of the job.” He said.
Trader Rager, who has close to 200 thousand Twitter followers, complained about the “boring” movement in the market and stated that “it makes sense to wait near the support zone”, which he determined around 41,000 dollars.
The cow’s tail broke off
Looking at the movement in BitCoin price in the daily time frame since November 10, when the all-time high value was achieved, it seems that the price is stuck. and it seems that a sharp move may come at any moment.
40,500 strong in place since September 2021 except for the short-term test on 10 January The support in the dollar (dashed purple line) and the downtrend (orange) line seen since the all-time high value, descending triangle mo
According to the general belief, triangle patterns predict the continuation of the movement in the direction of the breakout. In other words, if the BTC price breaks below the support line, a definite decline can be expected, and if it rises above the descending trend line, which acts as resistance, a strong rise can be expected.
Theoretically, triangle patterns indicate that a continuation movement can be experienced on the height scale. In our current situation, this height is calculated as $ 29,400. BitCoin , which was traded at around $ 42,000 at the time of publication of this news, has the potential to rise above $ 70,000 if it breaks upwards. Likewise, a drop to $12,600 is theoretically possible, according to the model.
Bulls will do their best to protect the $40,000 psychological level so that the downside movement does not deepen. If this support is broken, there is no strong support up to around $30,000.
In the upside scenario, the first targets are the 20-day exponential moving average (EMA) calculated at $43,614 and the 50-day simple moving average (SMA) at $46,762. . If the bulls overcome these resistances, the downtrend can be considered to be over. The RSI value, which indicates oversold, also strengthens this possibility.
At the time of this news, the total value of the crypto money market was calculated as 1.98 trillion dollars, while the market dominance rate of BitCoin was 40.1 percent.