Bitcoin (BTC) is trading above the $47,000 level, a move that Finbold reported on January 27th. Currently, BTC can fall below $40,000 if a sell event occurs under certain conditions.
Interestingly, this prediction of a bull run to around $48,000 was just the first part of a broader development. analysis by Crypnuevo. Accurate professional traders predicted a sharp rise in Bitcoin calling for a price drop in March.
If the next step continues, CrypnuevoAccording to our analysis, Bitcoin could fall to the $36,500 zone. Major cryptocurrencies may find relevant support in this area and recover quickly.
Before that happens, analysts say BTC could still head toward the top of the core near $49,000. This would require consolidation at around $47,000 over the weekend.
Disabling Bitcoin selling
However, trading in cryptocurrencies is uncertain and everything can change quickly in the right scenario. For this reason, solid technical analysis has disabling conditions and suggests a trend shift to the trader.
in YouTube Video posted on February 9th Crypnuevo It also highlights the void where Bitcoin is expected to fall to $36,500. In particular, he says there is no meaningful resistance to prices above $50,000.
Therefore, if BTC were able to reach and overcome the $50,000 area in sufficient quantities, the sell analysis would be invalidated. In this context, a quick reach to $60,000 would be useful, offering a good risk-reward ratio for investors.
“Of course, this is a game of possibilities. It’s likely, but I don’t buy into this idea. I’m just looking at the charts.”
From a fundamental perspective, further developments involving the Bitcoin Spot ETF could accelerate this invalidation. Additionally, the block subsidy halving in April is an overall bullish event.
All things considered, investors should always trade cautiously and follow Bitcoin-related news to make profitable decisions.
Disclaimer: Content on this site should not be considered investment advice. Investments are speculative. When you invest, your capital is at risk.