What’s Next For Bitcoin Prices As They Struggle Near $ 40,000?
The world’s largest cryptocurrency with market value first dropped below $ 40,000 at about 3:15 p.m. EDT, CoinDesk data shows.
The digital currency went back a long way, rising above $ 40,000 and surpassing $ 40,200 near 4:30 p.m. EDT, additional CoinDesk statistics reveal.
After this temporary recovery, bitcoin lost all of its profits, falling below the intra-day of $ 39,253.69 at about 6:15 p.m. EDT.
At the time of this writing, digital goods have been slowly recouped, trading below $ 39,800.
[Editor’s note: Investing in crypto coins or tokens is speculative and the market is not highly regulated. Anyone who thinks about it should be prepared to lose the investment.]
Following this recent price movement, a few experts have given their views on what cryptocurrency can do next.
Some of them have provided technical analysis, emphasizing the key levels of support and resistance that traders should keep in mind.
Collin Plume, CEO, and founder of My Digital Money provided this type of input.
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“For a while, $ 40K was huge resistance. When the price of Bitcoin reached $ 47K, it was natural for investors to want to withdraw money in order to get certain benefits, especially those who bought during immersion. What’s Next For Bitcoin Prices
He emphasized that although “it will jump to $ 40K,” the $ 42,000 level is the one that should be considered.
“It will make many attempts to break the $ 50K, and it will fail many times, but if it drops to $ 50K, it will come back again before it reaches $ 60k,” he predicted.
Plume said that if bitcoin goes down, “it has support levels of $ 37k- $ 40k.” What’s Next For Bitcoin Prices
William Noble, the chief technical analyst at the research center Token Metrics, also rated it, giving the same impression.
Bitcoin has significant support levels at $ 39,000 and after that, $ 36,000, he said.
Going forward, you have made some predictions that can be profitable with digital money.
“Bitcoin will probably be the leading cryptocurrency between now and August,” he said.
“If the interest rate continues to rise, altcoins may fall more sharply than bitcoin,” Noble said.
“The level of bitcoin dominance has dropped. BTC dominance may change from 41% to 47%.
“A movie like this will go hand in hand with the idea that bitcoin will be the only real crypto you can have as currency prices and bonds go down.”
Plume gave a different perspective that was very focused on the short term. “With taxes to be paid in the next few days and the IRS having problems with new forms and rules, many investors are in the process of holding it up,” he said. What’s Next For Bitcoin Prices
“Many bitcoin owners and non-exchange buyers are waiting to see where they will move to last year. Once they know that prices will go up again. ”
Disclosure: I own bitcoin, bitcoin currency, litecoin, ether, EOS, and sol. What’s Next For Bitcoin Prices
