Bitcoin weekly forecast: New downcycle start towards supports targets $19,200 and $25,000
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BITCOIN Bubble Again like 2017? or Gold Demand drop and BTC demand HIGH.
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Institutional investor Jump in Crypto Market Help BTC hit all-time high 41,500$.
The BTC /USD pair broke below the critical support at the 50-day exponential moving average ($35,093) but found support at $30,688.10 near the 38.2% Fibonacci retracement level.
Bitcoin prices have rebounded slightly, following a sell-off from Friday’s high, where BTC /USD broke above $40,000, before facing a wall of resistance formed by the key psychological level of $42,000. The three-day sell-off resulted in a $10,000 depreciation in the digital currency, raising concern that the Bitcoin ‘bubble’ had officially burst. However, the pullback in prices is no comparison to the massive 949% surge from March 2020 low.
BTC still looking strong correction downside on monthly base towards Supports 28k and 25k and small crush or panic crush 17k to 19k$ where we can see new bull start towards long term target 75k$
Remember: 2017 bull and crush 80% and 2020 BULL Little bit different due to institutional investor JUMP in but CRYPTO HIG Volatility market anything could possible like 2017, 50% correction not a big deal for current market price ( 50% correction from the all-time high is 20,000$
SUPPORT/RESISTANCE
✅S1= 28000
✅S2=23000
✴️R1=36000
✴️R2=42000
Author
M.Ali Zah
All My Pips
M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.
