The crypto space is currently facing a bearish signal Bitcoin price has failed to sustain the important level of $42,000. slide At the time of writing, it costs up to $39,909. Deutsche Bank, an American financial services provider, further decrease Bitcoin’s value is expected to fall below $20,000 in the coming months.
Deutsche Bank predicts significant fall in Bitcoin price
report Bloomberg cites a recent survey conducted by Deutsche Bank from January 15 to January 19, 2024, which reveals investor sentiment regarding volatility and market fluctuations. Future trends in BTC price. The survey of more than 2,000 people in the US, UK and Eurozone found that one-third of those surveyed expect the price of Bitcoin to fall significantly below $20,000. .
A significant decline is expected to occur around January 2025. A major decline is expected The survey also shows that 15% of people believe the following about Bitcoin’s value: bitcoin price Additionally, around 10% of respondents believe Bitcoin could fall between $20,000 and $40,000.
It is important to note that BTC price has fallen significantly over the past few weeks. As of this writing, the cryptocurrency has since traded below $40,000. Soared to over $45,500 Early January of this year.
This unprecedented decline is causing concern in the crypto space, as the price of Bitcoin is trending contrary to what most crypto investors and enthusiasts had previously expected. projected.various crypto analysts predicted Bitcoin price could soar to $50,000 after approval of Spot Bitcoin ETF. However, Bitcoin gave up most of its gains after the ETF approval and had experienced a severe decline since then.
BTC bulls vie for control from bears | Source: BTCUSD on Tradingview.com
Analysts reveal key factors that could break BTC price decline
Popular crypto analyst Ali Martinez addressed X (formerly Twitter) as follows: Disclose Key technical price factors that could result in an outage Bitcoin price has fallen further. Martinez shared a chart published on TradingView depicting Bitcoin’s complex price movements and patterns.
Cryptocurrency analysts revealed that the weekly closing price was below $38,000. Bitcoin The chart could indicate a potential price decline, with the next key support level expected around $33,000. He said this key area is a key zone marked by the convergence of three key technical indicators, including the lower bound of the parallel channel, the 0.5 Fibonacci retracement level, and the 50-week simple moving average.
According to Martinez, the combination of these key factors could form a significant line of defense for Bitcoin price and provide a support zone to protect against future declines in the cryptocurrency.
Featured image from Analytics Insight, chart from Tradingview.com
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