8:18 ▪
Four
Minimum read time ▪ up to
Hong Kong's Bitcoin spot ETF and Ethereum ETF have disappointed, with observers expressing disappointment. It's no surprise that Bitcoin continues to struggle to rise again, falling by around 4% at the beginning of the week. One question remains. How far will the price of Bitcoin fall?
Bitcoin downtrend: How far will it fall?
Despite the expectation that Bull market after halvingBitcoin adoption has been slow, undermining the optimistic predictions of “Rich Dad Poor Dad” author Robert Kiyosaki and the financial world that bet on it. Bitcoin will reach $100,000 or even $1 million in the near future. It seems necessary to revise this forecast.
Bitcoin price is plummeting!The current fix is: descending wedge pattern, two trend lines converge toward a peak estimated at approximately $54,000. Analysts say Bitcoin could fall to this level by June if current trends continue.
The target of descending wedge teeth Approximately $63,880, which corresponds to an increase of approximately 3.5% from current price levels. In other words, each push could present a buying opportunity.
But some forecasters are not so optimistic. peter brandtAn experienced trader, he believes the price of Bitcoin could fall. Ranges from $40,000 to $50,000. According to him, despite the halving and ETFs, Bitcoin has not been able to surpass its previous highs. He even predicts a sharp drop in the “low 40s” and then a recovery.
Brandt's predictions are based on: descending triangle This developed after Bitcoin failed to regain its previous record of $69,000.he warns that If Bitcoin breaks through the lower trendline of the triangle, it could fall to $48,550down more than 20% from current price levels.
2021 fractals hint at more pain ahead
From a technical perspective, the recent Bitcoin price correction includes: Weekly Relative Strength Index (RSI) decline, moved out of the overbought zone. This move pushed the RSI below its multi-month uptrend line, reminiscent of the trend before the sharp price correction in 2021.
In 2021, BTC fell towards the 50-week EMA (red wave), suggesting the same pattern could repeat in 2024. Therefore, the downside price target for BTC is around $46,110. By June, it will reach a level corresponding to the 0.618 Fibonacci retracement line.
A significant break below the 50-week EMA could send the price towards the 200-week EMA, or around $32,410, which is about a 58% decline from the current price level.
Maximize your Cointribune experience with the Read to Earn program! Earn points and access exclusive benefits every time you read an article. Sign up now and get rewards.
Blockchain and virtual currency revolution! Affect the fragile social situation, have a serious impact on the economic society, and solve the problems of your choice.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
