|

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.


Like this article? Help us with some feedback by answering this survey:

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.

More from Jonathan Morgan
Share:

Editor's Picks

XRP retreats as ETF interest cools
Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.
Crypto Today: Bitcoin, Ethereum, XRP pare losses as breakout potential builds
Bitcoin (BTC) is edging higher on Friday, albeit gradually, after reclaiming support above $65,000. Meanwhile, Ethereum (ETH) shows signs of stability near the immediate $1,900 hurdle, backed by mild capital inflows. Ripple (XRP), on the other hand, holds above the pivotal $1.10, with its upside structurally constrained below $1.15.
Bitcoin Weekly Forecast: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.
Crypto shrugs off a stronger Dollar
Cryptocurrencies have been affected by jitters in traditional financial markets, losing 0.8% of their market capitalisation over the past 24 hours to $2.23T, dipping to a low of $2.21T at the start of active trading in Asia.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.