- 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.
CypherMindHQ.com Artificial Intelligence Crypto Trading System - Surpass the competition with this cutting-edge AI system! Utilize the prowess of innovative algorithms and amplify your crypto trading strategies with CypherMindHQ. Learn more today!
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.
