• Cryptocurrency analyst and proponent Mike Novogratz has predicted that Bitcoin price could bottom out at $40,000. 
  • Key Bitcoin indicators suggest a further downside in price as the asset loses key support at $42,000. 
  • Proponents believe institutional investors could continue accumulating Bitcoin at or below $40,000. 

Proponents believe that institutional demand for Bitcoin could trigger a drop to $40,000. Indicators suggest further downside in the Bitcoin price trend as the “death cross” appears. 

Bitcoin price could bottom at $35,000 according to indicators

Bitcoin price suffered a massive drop over the past two weeks. The last Bitcoin price drop was a 56% correction. Mike Novogratz, the CEO of Galaxy Investment Partners, predicted that Bitcoin price could bottom out at $40,000. 

Novogratz believes that there could be a huge institutional demand from investors. Institutions could continue accumulating at $40,000; it supports Bitcoin price. As firms figure out how to add Bitcoin to their holdings, $40,000 is considered a great entry point. 

The recent Bitcoin price drop continued to extend below $42,000. According to analysts, Bitcoin price remains at risk of further downside if it stays below the $43,000 level. 

Bitcoin price has settled below the 100-hour simple moving average, below $43,000. Analysts have noted that the 50-day exponential moving average dropped below the 200-day, forming a “death cross.” Historically, the pattern has predicted a drop in Bitcoin price. 

@BitBitCrypto, a pseudonymous crypto analyst, has predicted that the Bitcoin bear market is in, and a real custody Exchange Traded Fund (ETF) launch could change the price trend. 

FXStreet analysts have evaluated the Bitcoin price trend and predicted that the asset remains at risk of crashing to $37,000. 

 

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