BTC Crash: Fear of Bitcoin Dropping Below $24K

BTC Crash: Fear of Bitcoin Dropping Below $24K

Bitcoin traders predict further price crashes as the cryptocurrency declines from all important areas of support, with one analyst predicting a potential dump in the range of $24,000 to $25,000 within the next 7-14 days for a retest of that level.

The most trending digital currency in the world, Bitcoin, is as of now going through a rough patch, and traders are now predicting that the worst is not over as more price crashes are to follow. 

Pseudonymous analyst Cryptocurrency GVR has even predicted a potential dump in the range of $24,000 to $25,000 within the following 7-14 days for a retest of that level.

Crucial Levels To Watch

Bitcoin (BTC) seems to be now declining from all important areas of support, increasing the possibility of a large correction.

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As of now, Bitcoin (BTC) is priced at $26,222, according to CoinMarketCap. Nonetheless, recent developments have shown nearly 2 percent downfall in the past 24 hours alone. Zooming out to a broader perspective, the last week has witnessed a gradual decline of 3.6%, showcasing the volatile and ever-shifting nature of the digital investment market.

Bitcoin’s trajectory appears to be pointing towards a critical demand wall situated betwixt the $24,300 and $25,200 levels. 

Within this critical zone lies a remarkable transaction history, where a staggering 852,000 investors acquired approximately 341,000 BTC, with an estimated value of $8,946,930,000. It is critical for market participants to keep an eye on this threshold as a result of the whole lot of degree of interest and potential support indicated by the buildup of Bitcoin at the demand wall.

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A Battle Of Bulls & Bears

There are as of now two opposing views on Bitcoin, creating a duality. Several believe it is ready to start its ascent as it gingerly rests on a small ledge around the $27,000 mark.

Others, on the other hand, believe it to be hanging on by a thread and predict a definite collapse to the mid-20s or perhaps even lower. 

And once of writing this post, Bitcoin has already fallen to the $26,230 mark, and the Relative Strength Index (RSI) is showing a flow under the 30 mark.

The markets seem to be choppy at this time and it’s definitely difficult to navigate. Nonetheless, traders and investors can still secure a strong portfolio with continuous research and analysis.

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