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Top Trader Predicts btc to Halve to $30,000 Ahead of New ATH in Q4
The price of bitcoin has fallen a fraction in the last 24 hours to trade at $42,722 at 1:20 am EST.
Trading volume is up 30% over the same time period, even as a top trader says btc will test investors before hitting new highs.
On February 2 bitcoin-setting-the-scene-for-2024/” target=”_blank” rel=”noopener”>market update, trading suite DecenTrader said bitcoin price was showing classic “halving” behavior and is likely to punish the bulls before heading to a new all-time high. With this, CEO and co-founder Filbfilb highlights that investors should expect an increase in buying pressure around two months before the halving date, estimated around April 24.
bitcoin market update. https://t.co/jYtMqXTXWA
-filbfilb (@filbfilb) February 2, 2024
The trader sees btc falling to $30,000 in the months following the halving and then hitting a new ATH in the fourth quarter of this year.
Meanwhile, bitcoin price is trading horizontally, still below the support point of the ascending trend line. The overall pressure is increasing, and btc faces immediate resistance due to the 50-day simple moving average at $42,987.
bitcoin Price Outlook as btc Trades Horizontally
bitcoin price appears to be on the verge of a breakout, considering that the Relative Strength Index (RSI) was about to execute a sell signal. This will happen when you cross below the signal line (yellow band). The Awesome Oscillator (AO) indicator also tips the odds in favor of the bears as its histogram bars flash red. The same bearish outlook is shown by the moving average convergence divergence (MACD) which is slowly moving towards negative territory.
While the horizontal movement shows indecision, technical indicators show that the market favors the bears. If the bears take over the market, bitcoin price could decline to test the support confluence between the 100-day SMA and the horizontal line at $40,726.
A prolonged decline could send bitcoin price to the demand zone between $38,496 and $39,895. A break below the midline of this order block at $39,196 would confirm the continuation of the downtrend.
In the most serious case, bitcoin price could test the $37,800 support level, below which the cliff could see btc fall to $30,000. Such a move would denote a 30% drop below current levels. A breakout and close below this level would negate the prevailing uptrend.
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TradingView: btc/USDT 1-Day Chart
Reverse case
On the other hand, a re-entry by the bulls could push bitcoin price above resistance due to the 50-day SMA at $42,937. This would set the pace for a northward extension to meet the $43,750 blockage. Overcoming this hurdle would see bitcoin price regain the support offered by the ascending trend line, targeting $48,000.
In a very bullish case, bitcoin price could target $50,000, sitting almost 17% above current levels. Meanwhile, savvy investors see the current state of bitcoin price as an opportunity to buy low.
$btc$btc correction for a month or two, it will be the last chance to buy the dip before a big push #bull market bullish movement.
Follow your favorite altcoins and load up big on the dips, that's the plan.
I like $ARB $ NEAR $TIA $GLMR $VOXEL $CELL & others.bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #BTCUSD #BTCUSDT https://t.co/enScKv4bTp
-Aqua (@PayneResidence) February 1, 2024
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