United

Bank AI

Bitcoin

<p>The crypto space is currently <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bearish-forecast-analyst-signals-continued-downfall/" rel="noopener noreferrer nofollow">facing bearish signals</a> as the price of Bitcoin has failed to maintain crucial levels at $42,000, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-drops-sub-39000-key-reasons/" rel="noopener noreferrer nofollow">slipping</a> to $39,909 at the time of writing. United States financial service provider Deutsche Bank, foresees even <a href="https://www.newsbtc.com/news/bitcoin/these-events-create-bitcoin-crash-march-hayes/" rel="noopener noreferrer nofollow">more declines</a> in the upcoming months, projecting the value of Bitcoin to dip below $20,000.&nbsp;</p>
<h2 id="deutsche-bank-predicts-massive-bitcoin-decline">Deutsche Bank Predicts Massive Bitcoin Decline</h2>
<p><a href="https://www.bloomberg.com/news/articles/2024-01-23/retail-investors-are-bearish-on-bitcoin-after-spot-etfs-launch-survey-shows?utm_content=crypto&amp;utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;embedded-checkout=true" rel="noopener noreferrer nofollow">Reports</a> from Bloomberg, referencing a recent survey made from January 15 to January 19, 2024, by Deutsche Bank reveals investor’s sentiments regarding the volatility and <a href="https://bitcoinist.com/bitcoin-price-prediction-2024-time-for-btc-to-hit-100k/" rel="noopener noreferrer nofollow">future trajectory of BTC’s price.</a> The survey, which appraised over 2000 people in the United States, United Kingdom, and the Eurozone, revealed that a third of the surveyed people expect to see a significant drop in the price of Bitcoin to values below $20,000.&nbsp;</p>
<p>The substantial decline is anticipated to occur around January 2025. Although the majority of people <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-price-at-risk-grayscales-335m-coinbase-transfer-stirs-30000-plunge-potential/" rel="noopener noreferrer nofollow">foresee a significant plunge</a> in the value of Bitcoin, the survey also indicates that 15% of people believe that <a href="https://www.newsbtc.com/news/bitcoin/when-bitcoin-price-new-ath/" rel="noopener noreferrer nofollow">Bitcoin’s price</a> will consolidate between $40,000 and $75,000 by the end of 2024. Additionally, about 10% of the respondents think that Bitcoin could fall between $20,000 and $40,000.&nbsp;</p>
<p>It’s important to note that the price of BTC has been experiencing major declines over the past few weeks. At the time of writing, the cryptocurrency is trading below $40,000 after <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-soars-above-45500-top-3-reasons/" rel="noopener noreferrer nofollow">surging over $45,500</a> earlier in January this year.&nbsp;</p>
<p>This unprecedented decline is raising concerns in the crypto space as the price of Bitcoin is moving contrary to what most crypto investors and enthusiasts previously <a href="https://bitcoinist.com/bitcoin-price-prediction-after-the-etf-approval-what-next-for-btc/" rel="noopener noreferrer nofollow">projected</a>. Various crypto analysts <a href="https://www.newsbtc.com/bitcoin-news/eyes-on-50000-bitcoin-poised-for-major-rally/" rel="noopener noreferrer nofollow">predicted</a> that the price of Bitcoin could surge to $50,000 following the approval of <a href="https://www.newsbtc.com/bitcoin-news/how-spot-bitcoin-etfs-could-catapult-btc-price-to-500000-according-to-this-crypto-trader/" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs.</a> However, Bitcoin gave up most of its post-ETF approval gains and had been experiencing severe declines since.&nbsp;</p>
<p><img loading="lazy" src="https://www.tradingview.com/x/YtFffHXs/" alt="Bitcoin price chart from Tradingview.com" width="3266" height="1530"></p>
<h2 id="analyst-reveals-key-factors-that-could-break-btc-price-descent">Analyst Reveals Key Factors That Could Break BTC Price Descent</h2>
<p>Popular crypto analyst, Ali Martinez has taken to X (formerly Twitter) to <a href="https://x.com/ali_charts/status/1750049320756232192?s=46" rel="noopener noreferrer nofollow">disclose</a> key technical price elements that could halt <a href="https://www.newsbtc.com/news/bitcoin/real-reasons-bitcoin-price-crash-not-gbtc/" rel="noopener noreferrer nofollow">further declines in the price of Bitcoin.</a> Martinez shared a chart published on TradingView depicting intricate price movements and patterns for Bitcoin.&nbsp;</p>
<p>The crypto analyst revealed that a weekly closing price below $38,000 on the Bitcoin chart may<a href="https://www.newsbtc.com/bitcoin-news/expert-analysis-six-factors-suggest-bitcoin-price-wont-drop-below-37800/" rel="noopener noreferrer nofollow"> signify a potential price drop</a>, with the next significant support level expected around $33,000. He mentioned that this key area is a critical zone marked by a convergence of three important technical indicators, including a lower boundary of a parallel channel, a 0.5 Fibonacci retracement level, and a 50-week simple moving average.</p>
<p>According to Martinez, the combination of these critical factors creates a great line of defense for Bitcoin’s price, potentially providing a support zone to prevent future declines in the cryptocurrency.</p>

US Bank Foresees Major Bitcoin Price Drop To $20,000

Table of Contents

NewsBTC

Other articles published on Jan 24, 2024

Join our free newsletter for daily crypto updates!