Bitcoin price target to watch as bears and bulls tussle for control
Following the recent Bitcoin (BTC) price decline, the $40,000 position has become pivotal, with both bulls and bears grappling to control the upcoming price trajectory.
The overall market sentiment remains bearish, as several analysts predict further losses in the coming days. In particular, crypto trading expert Alan Santana has identified key levels investors should monitor as Bitcoin seeks to minimize losses.
In a TradingView post on January 24, Santana maintained a bearish outlook for Bitcoin, suggesting that the asset will likely reach a low of $23,000. The expert indicated that the next target for Bitcoin is expected to be $37,500, with a potential attainment date of January 25.
Furthermore, he pointed out the likelihood of Bitcoin trading below $30,000, anticipating a plunge to see the flagship crypto testing $27,500, $25,500, and eventually $23,000.
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Santana derived his Analysis from Bitcoin’s support level at $41,300 on January 12, using it as a basis for expectations through technical Analysis.
“Whenever a support level is hit/reached, a pullback normally happens. Here Bitcoin bounced right before reaching our target, which means that this level has been challenged already and in the case of a lower high, which is what is happening now, the next drop will go beyond 41K.. We now aim for the second target, which is in the price range for $37,000 and $39,000,” he said.
Bitcoin’s attention remains at $40,000
It’s worth noting that the decline in Bitcoin’s price follows the cryptocurrency’s inability to capitalize on the introduction of the spot Bitcoin exchange-traded fund (ETF). At a certain point, Bitcoin experienced a drop to as low as $38,000, but it has since bounced back to reclaim the $40,000 position.
Interestingly, the price decrease coincided with a decline in discussions surrounding Bitcoin, which dropped by 35%, as per a previous Finbold report.
At the same time, some market participants anticipate that Bitcoin is poised for a rally supported by the upcoming halving event, with the ETF expected to have a long-term impact.
Bitcoin price analysis
On the other hand, by press time, Bitcoin had made modest gains of about 0.4% in the last 24 hours, trading at $40,088. On the weekly chart, Bitcoin shows a decrease of almost 7%.
Although the overall sentiment remains bearish, Bitcoin bulls will be hoping to capitalize on the $40,000 mark, which holds significant psychological importance.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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