US Bank Foresees Major Bitcoin Price Drop To $20,000
24 Janeiro 2024 - 8:00AM
NEWSBTC
The crypto space is currently facing bearish signals as the price
of Bitcoin has failed to maintain crucial levels at $42,000,
slipping to $39,909 at the time of writing. United States financial
service provider Deutsche Bank, foresees even more declines in the
upcoming months, projecting the value of Bitcoin to dip below
$20,000. Deutsche Bank Predicts Massive Bitcoin Decline
Reports from Bloomberg, referencing a recent survey made from
January 15 to January 19, 2024, by Deutsche Bank reveals investor’s
sentiments regarding the volatility and future trajectory of BTC’s
price. The survey, which appraised over 2000 people in the United
States, United Kingdom, and the Eurozone, revealed that a third of
the surveyed people expect to see a significant drop in the price
of Bitcoin to values below $20,000. Related Reading: Is XRP
Price At $20 Possible? Crypto Analyst Predicts Stunning Move The
substantial decline is anticipated to occur around January 2025.
Although the majority of people foresee a significant plunge in the
value of Bitcoin, the survey also indicates that 15% of people
believe that Bitcoin’s price will consolidate between $40,000 and
$75,000 by the end of 2024. Additionally, about 10% of the
respondents think that Bitcoin could fall between $20,000 and
$40,000. It’s important to note that the price of BTC has
been experiencing major declines over the past few weeks. At the
time of writing, the cryptocurrency is trading below $40,000 after
surging over $45,500 earlier in January this year. This
unprecedented decline is raising concerns in the crypto space as
the price of Bitcoin is moving contrary to what most crypto
investors and enthusiasts previously projected. Various crypto
analysts predicted that the price of Bitcoin could surge to $50,000
following the approval of Spot Bitcoin ETFs. However, Bitcoin gave
up most of its post-ETF approval gains and had been experiencing
severe declines since. BTC bulls vie for control from bears |
Source: BTCUSD on Tradingview.com Analyst Reveals Key Factors That
Could Break BTC Price Descent Popular crypto analyst, Ali Martinez
has taken to X (formerly Twitter) to disclose key technical price
elements that could halt further declines in the price of Bitcoin.
Martinez shared a chart published on TradingView depicting
intricate price movements and patterns for Bitcoin. Related
Reading: How To Buy, Sell, And Trade Tokens on The Polygon Network
The crypto analyst revealed that a weekly closing price below
$38,000 on the Bitcoin chart may signify a potential price drop,
with the next significant support level expected around $33,000. He
mentioned that this key area is a critical zone marked by a
convergence of three important technical indicators, including a
lower boundary of a parallel channel, a 0.5 Fibonacci retracement
level, and a 50-week simple moving average. According to Martinez,
the combination of these critical factors creates a great line of
defense for Bitcoin’s price, potentially providing a support zone
to prevent future declines in the cryptocurrency. Featured image
from Analytics Insight, chart from Tradingview.com
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