Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/expert-warns-bitcoin-investors-of-potential-february-downturn/" data-wpel-link="internal">Expert Warns Bitcoin Investors of Potential February Downturn</a><br></p>
<p style="text-align: justify">Popular analyst <strong>Eric Krown Crypto</strong> warned <a href="https://en.coin-turk.com/investors-turn-to-bitcoin-january-2024-options/" data-wpel-link="internal">Bitcoin</a> (BTC) investors that February could be a month of decline. In a recent analysis video, Krown mentioned how Bitcoin has been performing well, including five green candles since September 2023, one of which has not closed yet.</p> 
<h2 style="text-align: justify" id="strong-shared-potential-scenario-strong"><strong>Shared Potential Scenario</strong></h2> 
<p style="text-align: justify">Looking back, Krown noted that there is usually a tendency to light three more green candles in a row after a green month before lighting a red one. Currently, <strong>Bitcoin</strong> has lit five green candles since September 2023, including this month’s unclosed candle, and according to the analyst, it may be heading towards lighting a sixth green candle.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-311112" src="https://coin-turk.com/wp-content/uploads/2024/02/Bitcoin.jpeg" alt="" width="1280" height="720"></p> 
<p style="text-align: justify">However, Krown pointed out some signs on the monthly chart that indicate indecision in Bitcoin and potentially a reversal of the trend. Considering Bitcoin’s rapid rise since September without much retracement, he added that February could be a correction month.</p> 
<p style="text-align: justify">Looking at the five-day Bitcoin chart, Krown highlighted the extremely low volatility and the stochastic momentum setup signaling a downward trend. Anticipating a potential short-term rally exceeding $44,000 or $45,000 before a more likely downward movement, the analyst emphasized the importance of the $46,000 level as a confirmation point for a real uptrend.</p> 
<h2 style="text-align: justify" id="strong-issued-a-downturn-alert-strong"><strong>Issued a Downturn Alert</strong></h2> 
<p style="text-align: justify">Krown expects Bitcoin to take a breather and possibly fall to around $40,000 before potentially rising again. Reminding to be cautious and watch key levels for confirmation of where Bitcoin could head, the analyst expects a worst-case scenario drop to around $28,000.</p> 
<p style="text-align: justify">According to the analyst, <strong>BTC</strong> is currently at a major decision stage. It has dropped 12% from last month’s high and now faces the risk of breaking the critical $40,000 support. The $40,000 level pointed out by Krown has strongly supported Bitcoin in the past and gave some hope for a possible trend reversal. However, if Bitcoin falls below $40,000, the next strong support level is around $30,000, which corresponds to a significant drop.</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/expert-warns-bitcoin-investors-of-potential-february-downturn/" data-wpel-link="internal">Expert Warns Bitcoin Investors of Potential February Downturn</a></h5>

Expert Warns Bitcoin Investors of Potential February Downturn

Table of Contents

COINTURK NEWS

Other articles published on Feb 5, 2024

New Cryptocurrency at $0.1 Joins Shiba Inu and Bonk as Top Picks for February 2024

South Korean Officials Will Meet with SEC Chairman Gary Gensler: Bitcoin Will Be the Main Agenda!

Unbelievable Bitcoin Price Prediction from Crypto Hedge Fund Manager: “If We Compare It to Gold…”

Merlin Chain Secures Funding to Empower “Bitcoin-native” Innovations

WorldShards announces Early Access start on February 26

Dai (DAI) Holders Buy Up Kelexo (KLXO) $0.022 Presale Early as Polkadot (DOT) Whale Buys in big

Join our free newsletter for daily crypto updates!