Bitcoin Slides to $39K Support – What’s Next?
Following a late surge above the critical resistance level of $41,500, Bitcoin fell to an intraday low of $39,714.69 on Monday. BTC was down as traders prepared for the long Easter weekend.
Bitcoin, the world’s most valuable digital asset, has dropped about $10,000 from a two-week high of $48,220, its highest level in more than four months. However, after weeks of retreats, market analysts have spotted major support at $39,300, with buyers now attempting to drive prices higher once more.
Bitcoin is Under Pressure
Concerns about macroeconomic and geopolitical issues have persisted, deterring some investors. During a news conference, Russian President Vladimir Putin stated that peace talks with Ukraine have come to a halt. Putin also promised that Russia’s “military operation” would last indefinitely.
Bitcoin’s 200-day moving average stymied the recent bull run, resulting in a significant price drop on a technical front. Bears currently control the market, and the price is rapidly falling, resulting in a break below the 50 and 100-day simple moving averages.
The next levels of BITCOIN support are represented by the $37K and $34K demand zones. If the price remains above the short-term significant support level of $37K, it may resume its ascent toward the important resistance level of $45K.
BTC Could Reach $33,000
Bitcoin’s next target could be the $33K critical demand zone if this level is not maintained. Bitcoin has dropped more than 15% in the last week, prompting one market indicator to declare that the market has entered a period of “severe anxiety.”
The price drop occurs as part of a broader downturn in global financial markets caused by geopolitical crises and uncertainty about the prospect of the US Federal Reserve tightening monetary policy.
Despite Bitcoin’s poor performance, a prominent trader believes the cryptocurrency’s price could double in the next two years. In reply to a tweet from Tuur Demeester, a long-time Bitcoin supporter, Peter Brandt made a prediction.
According to the latter, Bitcoin tends to erupt “like nothing else on this planet” after long periods of consolidation. According to Brandt’s predictions, Bitcoin’s value could either double in two years or continue its trend of sideways trading for an extended period.
Based on previous market cycles, a seasoned trader previously predicted that Bitcoin’s next “rocket stage” would begin in 2024.
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