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Bitcoin Price Prediction: BTC at risk of crashing to $35,000

  • Bitcoin price holds onto the 50% Fibonacci retracement at $42,000 as support.
  • The final Ichimoku support level below is the Senkou Span B at $40,000.
  • Failure to hold $40,000 will position Bitcoin for a swift collapse.

Bitcoin price faces continued bearish sentiment across the broader risk-on market. Very high probability of a test lower to $40,000 as the final support leg before bears continue to thrust Bitcoin lower.

Bitcoin price entices buyers to support $40,000 value area to stop selling pressure

Bitcoin price is under significant pressure from a technical and fundamental perspective. Fundamentally, there is a considerable strain on all risk-on markets (the stock market, tech sectors, etc.) and Bitcoin is not immune to those strains. For that reason, Bitcoin is almost certainly going to move to its final support level at $40,000.

$40,000 contains the 61.8% Fibonacci retracement and the most vital support/resistance level in the Ichimoku system: Senkou Span B. If Bitcoin price were to break below the $40,000 level, it would be a significant event from a technical perspective and would be the most bearish Ichimoku breakout since May 12th, 2021.

The target area for short sellers is likely the $35,000 value area for several reasons. First, $35,000 is a natural psychological number. Second, the 61.8% Fibonacci expansion exists in the $35,000 value area. And third, the 2021 Volume-Point-Of-Control is at $34,500.

BTC/USD Daily Ichimoku Chart

Buyers who want to prevent any move below $40,000 will need to come in and support Bitcoin price at these final support zones. If bulls can keep Bitcoin within the Cloud until October 4th, the threshold buyers need to convert Bitcoin to a full-on bull market drops from a daily close at $52,600 to $47,000.


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Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

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