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- Bitcoin price fell under $36,000, top analysts hoping for “Injury time score to close over $39,600” to push away bearish change in BTC market structure.
- Unanticipated fall in market value of Bitcoin had made too many traders to forecast numerous atrocious outcomes.
- As of this writing, Bitcoin was trading at $36,052.41, bearish by 7.18% in previous 24 hours.
Bitcoin value is selling off continuously, and knock off effect is even a keen correction in DeFi tokens and altcoins. Bitcoin was down to its minimum level in previous six months as of now, and most analysts are pessimistic regarding its immediate surge.
As per a data, selling started late on 20th January when BTC fell to levels of $36,600.
Sudden fall in BTC market value had many forecast numerous unfavorable outcomes alongside stretched bear market lines. Others similar to Rekt Capital are not in a hurry to beat the gun and declare complete loss.
Rekt Capital posted a chart on Twitter, showing BTC consolidating between $38,000-$43,100 levels. But as it can be seen in its chart above, Bitcoin has broken that barrier too, to fall below it.
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Head and Shoulders Pattern
A massive head and shoulder pattern is clearly visible in chart. ExoAlpha’s CIO, David Lifchitz, indicated completion of this pattern when BTC touched $38,300, but has fallen more.
David also indicated that this pattern might go on to $20,000 levels, but said drop has usually been lower than that, and pointed out possibility of reaching $31,000.
Multiple facts may be the causes for turning tides for Bitcoin, involving Fed tightening, debates regarding ban of proof of work algorithm by EU authorities, 2021’s profit-taking, and constant economic future uncertainties associated with pandemic.
Traders Waiting to Hunt Bitcoin at $30,000
A look regarding how traders responded to the event in contrast to June’s pullback in 2021, was offered by Michaël van de Poppe, an analyst, who posted a chart on his Twitter handle, putting light on support zones during weak times.
Bulls Needs $39,600 Rally
A crypto trader, Scott Melker, offered a final perspective regarding the situation by posting a chart on his Twitter handle, providing his views on BTC market.
Bulls are hoping for an “Injury Time Score” to see BTC closing above $39,600 on a regular basis. A close lower than that, will be market structure, lower low and many more thing’s break.
This usually is a time where investors are looking to buy any asset, in hopes of future profits.
As this article was being written, Bitcoin was trading at market price of $36,052.41, down by 7.18% in previous 24 hours.
This article is written purely for information purpose only, and does not promotes investment of any kind. People are advised to DYOR before making any investment.
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.
