Bitcoin sell-off alert: Bitcoin’s price is over $47,000, just like Finbold said on January 27. Now, Bitcoin’s price might fall under $40,000 if certain things happen that cause people to sell it off.
CrypNuevo, a skilled trader, predicted that Bitcoin’s price would first increase to about $48,000. This rise was just the beginning of their larger prediction. They believed that after this increase, Bitcoin’s price would drop in March.
CrypNuevo’s analysis suggests that if things keep going this way, Bitcoin’s price could fall to $36,500. At this price, it might quickly start to rise again because it has strong support there.
The analyst believes that before anything else, Bitcoin could reach up to almost $49,000. But first, it needs to stabilize at about $47,000 over the weekend.
Bitcoin sell-of invalidation
Trading cryptocurrencies is unpredictable, and things can change fast. That’s why good technical analysis includes signs that tell the trader when the trend might be changing.
In a YouTube video shared on February 9, CrypNuevo pointed out why Bitcoin’s predicted drop to $36,500 might not happen. He explained that there aren’t significant barriers to its price going above $50,000.
If Bitcoin (BTC) goes above $50,000 with a lot of trading, then the prediction of its price dropping is wrong. If this happens, Bitcoin’s price could quickly go up to $60,000, which would be a good opportunity for investors to make money.
Basically, more progress with the Bitcoin spot ETFs might change the situation. Also, the Bitcoin reward cut in April is generally a positive thing.
Investors should be careful when trading and watch Bitcoin news to make money.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
