|

Bitcoin Price Prediction: BTC at risk of crashing to $35,000

  • Bitcoin price holds onto the 50% Fibonacci retracement at $42,000 as support.
  • The final Ichimoku support level below is the Senkou Span B at $40,000.
  • Failure to hold $40,000 will position Bitcoin for a swift collapse.

Bitcoin price faces continued bearish sentiment across the broader risk-on market. Very high probability of a test lower to $40,000 as the final support leg before bears continue to thrust Bitcoin lower.

Bitcoin price entices buyers to support $40,000 value area to stop selling pressure

Bitcoin price is under significant pressure from a technical and fundamental perspective. Fundamentally, there is a considerable strain on all risk-on markets (the stock market, tech sectors, etc.) and Bitcoin is not immune to those strains. For that reason, Bitcoin is almost certainly going to move to its final support level at $40,000.

$40,000 contains the 61.8% Fibonacci retracement and the most vital support/resistance level in the Ichimoku system: Senkou Span B. If Bitcoin price were to break below the $40,000 level, it would be a significant event from a technical perspective and would be the most bearish Ichimoku breakout since May 12th, 2021.

The target area for short sellers is likely the $35,000 value area for several reasons. First, $35,000 is a natural psychological number. Second, the 61.8% Fibonacci expansion exists in the $35,000 value area. And third, the 2021 Volume-Point-Of-Control is at $34,500.

BTC/USD Daily Ichimoku Chart

Buyers who want to prevent any move below $40,000 will need to come in and support Bitcoin price at these final support zones. If bulls can keep Bitcoin within the Cloud until October 4th, the threshold buyers need to convert Bitcoin to a full-on bull market drops from a daily close at $52,600 to $47,000.


Like this article? Help us with some feedback by answering this survey:

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

More from Jonathan Morgan
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.