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<p class="is-style-lead">The Bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>) price could potentially dip to the $37,000 region if the orange coin fails to hold its $43k critical support level, according to a fresh analysis shared by crypto analyst Ali Charts, as key indicators suggest that Bitcoin’s fate still hangs in the balance.</p> 
<h3 class="wp-block-heading" id="key-insights">Key insights</h3> 
<p>Crypto analyst, who goes by @ali_charts on social media, warns of a potential Bitcoin correction, linking it directly to a sustained close below $43,200. This crucial level acts as a litmus test for the market, indicating a bearish turn if breached. But if this support turns out to hold, it could trigger a possible BTC rise towards $47,360.&nbsp;</p> 
<p>Per data from <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener">CoinGecko</a>, Bitcoin (BTC) is exchanging hands for $43,780 and has gained 3.40% in value over the last 7 days, with a trading volume of over $12 billion, making clear the level of activity in the market.</p> 
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   <p lang="en" dir="ltr">Are you anticipating a <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> price correction? The first indicator would be a sustained close below $43,200. If this happens, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> could be headed towards $37,000.<br><br>However, as long as the crucial $43,200 support level holds, the odds seem to favor the bulls, potentially… <a href="https://t.co/ed6Ok4lMjE" target="_blank">pic.twitter.com/ed6Ok4lMjE</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1738562553863692334?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 23, 2023</a>
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<p>Meanwhile, the looming anticipation of the approval of spot Bitcoin ETFs in the U.S., adds another layer to Ali’s prediction. As detailed in a recent YouTube video from the <a href="https://crypto.news/analyst-bitcoin-to-see-significant-surge-on-etf-approval/">CryptosRUs</a> channel, the analyst believes that this approval could be the trigger for a substantial surge in Bitcoin and the broader crypto market.</p> 
<p>In addition, Matrixport, a reputable source for crypto predictions, boasts a track record with two out of six predictions already materialized. Their latest forecast predicts Bitcoin reaching $50,000, with historical accuracy strengthening the anticipation surrounding this projection.</p> 
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<p>Matrixport’s journey of predictions includes a successful call in December 2022 when Bitcoin was valued at $17,000. Subsequent forecasts saw Bitcoin surpassing $29,000 on April 11, aligning with their projections.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/analysts-predict-bitcoin-surge-to-160k-by-2024/"> Analysts predict Bitcoin surge to $160k by 2024 </a> </p> 
<h3 class="wp-block-heading" id="global-regulatory-developments">Global regulatory developments</h3> 
<p><a href="https://crypto.news/argentina-will-accept-bitcoin-for-contractual-agreements-new-minister-says/">Argentina’s</a> government recently indicated that it would embrace Bitcoin adoption. Under President Javier Milei’s new administration, the digital asset was approved for use in contractual agreements.</p> 
<p>This move is part of a larger trend across the globe in which governments recalibrate their attitudes toward digital assets.</p> 
<p>For example, on Friday, Dec. 22, the Central Bank of Nigeria <a href="https://crypto.news/nigerian-central-bank-lifts-ban-on-crypto-transactions/" data-type="link" data-id="https://crypto.news/nigerian-central-bank-lifts-ban-on-crypto-transactions/">lifted</a> its previous prohibition on cryptocurrency transactions — a significant shift in the country’s stance on the burgeoning crypto market in the country.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-firm-above-40k-michael-saylor-says-bull-run-imminent/"> Bitcoin firm above $40K, Michael Saylor says bull run imminent </a> </p>

Bitcoin could still drop to $37k, analyst predicts

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