TL;DR Breakdown
- Bitcoin price prediction expects a correction to $30000.
- Strong resistance lies at the $41200 mark.
- Strong support lies at the $37245 mark.
- BTC price plunged by over $2000.
The Bitcoin price prediction by Crypto Patel suggested that the BTC price will drop towards the $30000 support if the price does not break above $42000. On the 10th of January, the cryptocurrency king has fallen towards the $37400 mark with an abrupt descent.
1-Day Bitcoin price analysis
After a long run on the charts, with several all-time highs met, the king of cryptocurrencies finally came to rest near the 9th of January. Near noon on the 10th of January, the king of cryptocurrencies stepped below the $40000 level and suffered fluctuations between the $39000 and $40000 levels until it observed another abrupt drop towards the $37400 level. The crypto asset’s lowest price mark was $37193.73, whereas the highest price level met by the cryptocurrency was $41450.
The cryptocurrency has slowed down after a huge price rally towards its recent all-time high short of the $42000 mark. At the time of writing, Bitcoin was priced at $37550. Across the technicals, we see eighteen out of twenty-eight of them indicating a buy signal, while 7 stand neutral and 3 depict a sell signal.
This suggests a strong buy indication for the BTCUSD trading pair. On the 4h time frame, the lower Bollinger band is being tested by the BTC price. This means that the king of cryptocurrencies may see further bears on the smaller time frames.
Bitcoin price prediction: What to expect?
The Trading View analyst Crypto Patel suggested that the BTCUSD pair will either move bullish or bearish now that it has come to rest under the $41000 mark. The key resistance here is marked at $41362.37.
The analysts advised against buying without a very tight stop-loss at this point since the asset is at a very high price, and it is uncertain if it will soar up or test lower support levels first. Per this Bitcoin price prediction, if the price breaks $42000, then the next target for the coin will be the $50000 mark. But if the cryptocurrency is unable to break above the $42000 resistance, then a price correction will be due, which may cause Bitcoin to drop towards $30000.
As of the 10th of January, the price has begun to descend below the $40000 level, which means that Bitcoin’s current trajectory favors the latter out of the two scenarios presented by Patel. While the cryptocurrency has already broken below the first support level, it is expected to test the $36781 and $34546 before heading downwards.
Analyst Mahtab highlighted a triangle pattern for the BTCUSD pair. The analyst expected the price to drop towards the bottom of the triangle unless the Bitcoin price observed an upward breakout. This idea for the short position played on the 10th of January with a downward push to the $37500 range.
Analyst Bit Fink’s Bitcoin price prediction on the 30-minute time frame showed that the price would drop towards the $37000 price next, as it observed price rejection from the $41220 resistance. The idea played on the 10th of January, with the cryptocurrency’s abrupt price fall towards $37400.
