Following a late burst above Wednesday’s crucial resistance mark of $41,500, Bitcoin fell to an intraday low of $39,714.69 on Friday. As traders braced themselves for the long Easter weekend, BTC was down.
Bitcoin, the most valuable digital asset in the world, has dropped roughly $10,000 from a two-week high of $48,220, its highest level in over four months.
Following weeks of declines, market analysts appear to have established a stable floor at $39,300, with bulls now aiming to push prices higher once more.
Bitcoin Is Under Pressure
Concerns about macroeconomic and geopolitical issues have persisted, preventing some investors from entering the market.
During a news conference on Thursday, Russian President Vladimir Putin declared that peace talks with Ukraine have come to a halt.
Putin went on to say that Russia’s “military operation” would last indefinitely.
On a technical level, Bitcoin’s 200-day moving average blocked the recent bull run, causing a substantial price drop.
The market is currently controlled by bears, and the price is rapidly falling, with a break below the 50-day and 100-day moving averages.
The next levels of Bitcoin support are $37K and $34K demand zones. If the price sustains the short-term substantial support level at $37K. Then, the climb toward the significant resistance level around $45K could resume.
BTC Could Reach $33,000
Bitcoin’s next stop could be the $33K critical demand zone if this level is not sustained.
Bitcoin has dropped over 15% in the last week, prompting one indicator to claim the market has entered a period of “extreme concern.”
The price drop comes amid a broader downturn in global financial markets, fueled by geopolitical events. Then, and concerns about the US Federal Reserve’s ability to tighten monetary policy.
The Future Continues to Be Bright
Despite Bitcoin’s current poor performance, a well-known trader believes the cryptocurrency’s price might double in the next two years.
In response to a tweet from Tuur Demeester, a long-time Bitcoin advocate, Peter Brandt issued a forecast.
According to the latter, Bitcoin tends to erupt “like nothing else on this globe” after extended periods of consolidation.
According to Brandt’s predictions, Bitcoin’s value would either quadruple in two years. Also, or will continue to trade sideways for a lengthy period of time.
Based on how previous market cycles have developed, a seasoned trader has projected that Bitcoin’s next…
“rocket stage” will begin in 2024.