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- The high-flying excitement that accompanied the rise in Bitcoin (BTC) and altcoin prices earlier this week was dampened on Thursday when BTC fell below $43,000
- Van de Poppe highlighted $43,600, as support level 1 and $43,000, as support level 2 as critical areas to monitor right now
- David Lifchitz, managing partner and chief investment officer of ExoAlpha, saw Thursday’s Bitcoin price drop as a regular occurrence
The high-flying excitement that accompanied the rise in Bitcoin (BTC) and altcoin prices earlier this week was dampened on Thursday when BTC fell below $43,000. As a result, several experts warned that the recent price movement was nothing more than a dead cat bounce.
According to data from Cointelegraph Markets Pro and TradingView, an early morning wave of selling dropped the price of Bitcoin to a low of $43,752, and bulls are battling to get the price back to $45,000 at the time of writing. Bitcoin’s drop from $45,000 to $43,500 was very typical, according to market analyst, Michal van de Poppe, with higher time frame charts suggesting a bearish divergence, implying that they might see a further corrective move.
Van de Poppe highlighted $43,600, as support level 1 and $43,000, as support level 2 as critical areas to monitor right now. In the medium run, van de Poppe believes Bitcoin’s price may rebound above $45,000 before falling down to test this support level, and if support is regained, it’s feasible to conclude that buyers are moving back into the market.
According to Van de Poppe, if those two support levels are broken, they will most likely be looking at $42,000 next, and if that doesn’t hold, $41,000. And there is the point at which I want to start yearning intensely because he does not want to see it decline anymore since the only level beyond that is $38,000.
David Lifchitz, managing partner and chief investment officer of ExoAlpha, saw Thursday’s Bitcoin price drop as a regular occurrence. The nearly unbroken run-up over the previous 2+ weeks is a hint that bulls need to take a rest before resuming their drive higher, according to Lifchitz.
According to him, $36,000 for BTC and $2,300 for Ether are obvious objectives, but no one knows how big the retreat will be from where they are today, he said. According to Lifchitz, however, before hitting these levels, the dips might be purchased.
Of course, this is assuming there isn’t any more regulatory turmoil; otherwise, a return to the $30,000 level for BTC and $1,800 for Ether isn’t out of the question. The $45,200 price level, according to Rekt Capital, a pseudonymous Twitter analyst, has previously proven a challenging level of resistance. When BTC was trading at similar levels in the past, it retested and maintained support near $44,200 before mounting another rise. If BTC can maintain this level, the price will invert and go higher, according to this research.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
