Ongoing Bitcoin Declines ‘One of The Most Aggressive,’ Harsher Dips Expected as BTC Targets This Price
Crypto analyst CryptoCon_ recently posted on X that Bitcoin is currently experiencing one of its most aggressive declines yet. According to CryptoCon_, the 200 SMA Wave indicator is calling for Bitcoin to return to the top of the wave to retest the key moving average level around $28,000.
While some optimists believe the recent drop to $38,000 may signify the end of the decline after Bitcoin’s monumental 90% price surge, CryptoCon_ cautions that historical market cycles point to potential further downside.
Specifically, the harsh end expectation is for Bitcoin to plunge as low as $28,000 – retesting the key 200 SMA level – before finding renewed buying interest. A more moderate target would be in the low $30,000s if the selling pressure eases up. But CryptoCon_ asserts that the complacency in the market following the meteoric rise to $49,000 may fuel increased selling activity first before support kicks in.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +CryptoCon_ concludes by noting that greed peaked around $49,000 and now a period of complacency is setting in among Bitcoin investors and traders. This complacency could fuel further selling activity, taking the leading cryptocurrency back towards the 200 SMA around $28,000 before finding renewed buying interest.
You may also be interested in:
- Tether Printing and Fund Transfers Raise Questions About Bitcoin Price Stabilization Efforts
- Top 3 Altcoins To Buy In 2024 According to Experts: DeFinder Capital (DFC), Chainlink (LINK), Kaspa (KAS)
- Don’t Want to Invest in ETH But Still Want Major Gains? Check Out Meme Kombat (MK) and Sponge V2 (SPONGE)
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
