Cryptocurrency

Future

Bitcoin

Rekt

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/continued-downturn-in-the-cryptocurrency-market/" data-wpel-link="internal">Continued Downturn in the Cryptocurrency Market</a><br></p>
<p style="text-align: justify">The cryptocurrency market continues to decline. In the last 24 hours, positions worth $250 million were liquidated, with $70 million of these being <a href="https://en.coin-turk.com/bitwise-bitcoin-etf-trust-among-top-5-by-aum-in-2023/" data-wpel-link="internal">Bitcoin</a> long positions that evaporated. Traders point to macro and technical reasons, suggesting a weak trend could emerge, as the BTC price fell below the $40,000 support level.</p> 
<h2 style="text-align: justify" id="peter-brandt-and-his-bitcoin-commentary">Peter Brandt and His Bitcoin Commentary</h2> 
<p style="text-align: justify">On the other hand, after a price rally in December, triggered by large purchases from individual and institutional investors, analysts see a correction in Bitcoin’s price as likely. The recent filling of the CME Bitcoin gap at $39,700 and Bitcoin’s drop to a 24-hour low of $38,723 has been noted.</p> 
<p style="text-align: justify">In response to investor Cheds’ Bitcoin price prediction, Peter Brandt suggests that investors who have exited might re-enter long positions below $40,000, indicating that the decline was paved by weak long positions.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-306236" src="https://coin-turk.com/wp-content/uploads/2024/01/peter-brandt.png" alt="" width="720" height="362"></p> 
<p style="text-align: justify">Contrary to the weak buying by bulls below $40,000 during the recent downward trend, Peter Brandt made the following statement:</p> 
<blockquote> 
 <p>I would like to see what happens when the parabola is retested (if).</p> 
</blockquote> 
<p style="text-align: justify">As the main support levels break and the CME Bitcoin gap is filled in this manner, it could be likely for investors to make purchases from the bottom with long-term goals.</p> 
<p style="text-align: justify">Furthermore, according to Peter Brandt, if the parabolic price trend continues, it is highly probable that it will be retested at the end of February or the beginning of March.</p> 
<h2 style="text-align: justify" id="analysts-views-on-the-future-of-bitcoin">Analysts’ Views on the Future of Bitcoin</h2> 
<p style="text-align: justify">According to research by the frequently mentioned analyst Ali Martinez, whales have sold more than 70,000 BTC worth over $3 billion in the last two weeks. Analyst Rekt Capital has shown on historical chart patterns that corrections before Bitcoin’s halving process have occurred in the past as well.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-306237" src="https://coin-turk.com/wp-content/uploads/2024/01/rektcapital-usdt.png" alt="" width="718" height="477"></p> 
<p style="text-align: justify">Commenting on a 4-hour chart, the analyst pointed out price levels seen during periods marked by Bitcoin’s halvings and identified a potential level before the next halving.</p> 
<p style="text-align: justify">In the last 24 hours, the BTC price has experienced a drop of over 4%, with the price finding buyers at $38,900 at the time of writing. The lowest and highest levels in 24 hours were $38,713 and $41,242, respectively. Additionally, the trading volume has increased by 78% in the last 24 hours, indicating sharp movements.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/continued-downturn-in-the-cryptocurrency-market/" data-wpel-link="internal">Continued Downturn in the Cryptocurrency Market</a></h5>

Continued Downturn in the Cryptocurrency Market

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