Over the last several days, the cryptocurrency market has taken a nosedive and Bitcoin’s price has fallen 10% in a week to $41,000. According to one prominent expert, Bitcoin may find a bottom between $37.5K and its current price.
Nearly 200k people follow one of the most well-known crypto experts on Twitter. He recently released his research and forecasted that Bitcoin’s price would fall to $42k and $37.5k shortly. According to his research, a $100k Bitcoin (BTC) price is still possible in 2022.BTC/USDT: Source: TradingView
The analyst is comparing this price activity to the price action between May and July of 2019. It’s easy to see that the price structure Bitcoin is expected to follow in 2019 is highly similar to the present BTC price behaviour. The price of Bitcoin increased from $9000 to $19000 in 2019.
Might ReTest the Next Support at $39,400
According to Twitter user @CredibleCrypto, who has more than 200k followers, @smartcontractor asserted that Elliot wavers the only surviving bull is valid. It might retest the next support at $39,400 in four hours. It will be interesting to see whether any positive activity remains in the $39,400-$37,500 region for bitcoin.
JUST IN: Third largest #Bitcoin whale buys 551 $BTC ($24M) during the dip!— Watcher.Guru (@WatcherGuru) January 7, 2022
According to @Watcher.Guru, the world’s third-largest bitcoin whale recently purchased 551 coins worth $24 million during this recent decline. According to CoinMarketCap, the Bitcoin price today is $41,905.50 USD with a 24-hour trading volume of $79,903,111,478 USD. Bitcoin has been down 2.62% in the last 24 hours.