- Mike Novogratz, a crypto proponent, and analyst believe BTC’s price might bottom around the $40,000 mark.
- Vital Bitcoin indicators show further drops as the crypto loses crucial support of $42,000.
- Proponents trust institutional investors may continue accumulating BTC beneath the $40,000 level.
Proponents trust Bitcoin demand by institutions might trigger another fall to $40,000. Meanwhile, indicators show further downswings for Bitcoin price as a death cross emerged.
Indicators Show Bitcoin May Bottom Near $35,000
Bitcoin price endured a massive fall within the last fourteen days. The latest drop saw BTC losing critical zones as it plunged to the barrier near $41,000. Galaxy Digital CEO Mike Novogratz forecasted that BTC’s price could bottom around $40,000 or the $38,000 mark.
Novogratz believes that Bitcoin might see massive demand from institutional investors. The crypto enthusiast stated that institutions might continue buying at $40K, supporting the BTC price. As more companies figure out adding BTC to their treasury, $40K remains a lucrative entry-level.
The latest BTC price fall appeared to extend beneath $42,000. Crypto analysts believe Bitcoin remains vulnerable to further plummets as the coin steadies beneath the $43,000 zone. The bellwether crypto settled under the 100hr SMA, beneath $43K. Experts observed that 50-day EMA fell under the 200-d, printing a death cross. The pattern has forecasted price drops for BTC.
A crypto analyst @BitBitCrypto has forecasted that BTC is in a bear market, and a custody ETD launch might shift the asset’s trend. Meanwhile, FXStreet experts evaluated BTC price actions and pointed out that Bitcoin remains vulnerable to declines towards $37,000.
Meanwhile, cryptos show mixed narratives early on 10 January. The global market capitalization noted a 0.13% increase within the past day, standing at $1.97. Meanwhile, the 24hr trading volume stood at $71.09 billion, reflecting a 22.95% drop. While writing this article, Bitcoin trades at $41,911, while its market dominance stands at 40.33%.
Though most experts remain optimistic about Bitcoin, the crypto will likely drop to accumulate surging momentum. Meanwhile, the crypto should return to the $45,000 to $50,000 price level for near-term uptrends. It may be fascinating to see where BTC will land first. Stay tuned.