fxs_header_sponsor_anchor

Experts believe Bitcoin could hit bottom at $35,000 as “death cross” appears

  • Cryptocurrency analyst and proponent Mike Novogratz has predicted that Bitcoin price could bottom out at $40,000. 
  • Key Bitcoin indicators suggest a further downside in price as the asset loses key support at $42,000. 
  • Proponents believe institutional investors could continue accumulating Bitcoin at or below $40,000. 

Proponents believe that institutional demand for Bitcoin could trigger a drop to $40,000. Indicators suggest further downside in the Bitcoin price trend as the “death cross” appears. 

Bitcoin price could bottom at $35,000 according to indicators

Bitcoin price suffered a massive drop over the past two weeks. The last Bitcoin price drop was a 56% correction. Mike Novogratz, the CEO of Galaxy Investment Partners, predicted that Bitcoin price could bottom out at $40,000. 

Novogratz believes that there could be a huge institutional demand from investors. Institutions could continue accumulating at $40,000; it supports Bitcoin price. As firms figure out how to add Bitcoin to their holdings, $40,000 is considered a great entry point. 

The recent Bitcoin price drop continued to extend below $42,000. According to analysts, Bitcoin price remains at risk of further downside if it stays below the $43,000 level. 

Bitcoin price has settled below the 100-hour simple moving average, below $43,000. Analysts have noted that the 50-day exponential moving average dropped below the 200-day, forming a “death cross.” Historically, the pattern has predicted a drop in Bitcoin price. 

@BitBitCrypto, a pseudonymous crypto analyst, has predicted that the Bitcoin bear market is in, and a real custody Exchange Traded Fund (ETF) launch could change the price trend. 

FXStreet analysts have evaluated the Bitcoin price trend and predicted that the asset remains at risk of crashing to $37,000. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.