Bitcoin Price Prediction – Can BTC Plunge to $24,000?

Bitcoin’s value against the US dollar has yet to rise above $32,000. BTC is losing ground and is trading below the critical $30,000 support level. The price is currently trading below $30,000 and below the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $31,000. The pair could fall below the $27,500 and $27,000 levels in the short term.

Bitcoin Price Drops Below Critical Support

Bitcoin’s price attempted to recover above the $32,000 mark, but BTC struggled to maintain its gains and declined below $31,000.

BITCOIN dropped below the key $30,000 support zone and settled below the 100 hourly simple moving average. The decline has accelerated below the $29,500 level. Finally, the price fell below the $28,000 level, reaching a new multi-week low of $27,700.

Recently, there was a minor uptick above $29,000. Bitcoin has recovered above the 23.6 percent Fib retracement level of the recent decline from the swing high of $32,132 to $27,700.

On the other hand, the bears were active near the $30,000 resistance level. The price remained below the 50 percent Fib retracement level of the recent decline from the swing high of $32,132 to $27,700. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $31,000.

The next significant resistance level could be around $31,500. The key breakout zone remains around $32,000, above which the price may begin a steady recovery wave in the near term.

More Bitcoin Losses?

If Bitcoin fails to break through the $30,000 resistance level, it may fall. On the downside, there is immediate support near the $28,200 level.

The next significant support is seen near $27,700. A break and close below the $27,700 support level may accelerate losses. The next major support level could be $27,200, below which the bears could target the $26,500 support zone.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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