Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-possible-downturn-in-february-analyst-advises-caution" rel="noopener noreferrer nofollow">Bitcoin Faces Possible Downturn in February, Analyst Advises Caution</a><br></p>
<p style="text-align: justify">An esteemed cryptocurrency analyst, Eric Krown, has sounded an alarm for <a href="https://en.bitcoinhaber.net/bitcoin-whales-buy-the-dip-amid-market-correction-and-etf-interest" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) investors, indicating that the digital currency may experience a downturn in February. Despite its remarkable streak of positive momentum, including five consecutive increases since September 2023, Krown suggests that this trend might be on the verge of a reversal. His recent analysis, based on historical patterns and current chart indicators, points towards an upcoming period of adjustment for Bitcoin.</p>
<h2 id="historical-patterns-and-current-trajectory">Historical Patterns and Current Trajectory</h2>
<p style="text-align: justify">In his retrospective review, Krown observes that Bitcoin has often followed a sequence of three bullish months before witnessing a correction. With the current pattern already extending to five months, the virtual currency stands at a juncture that could potentially trigger a downturn. Krown’s analysis further identifies signs of uncertainty in Bitcoin’s monthly chart, suggesting that the rise since September may have proceeded without significant retracement, leading to an overextended market.</p>
<h2 id="technical-indicators-and-price-action">Technical Indicators and Price Action</h2>
<p style="text-align: justify">Krown has scrutinized the five-day Bitcoin chart, noticing a lack of volatility and technical markers that hint at a downward tendency. Although he acknowledges the possibility of a short-lived surge beyond the $44,000 or $45,000 mark, he underlines the pivotal nature of the $46,000 level, whose breach would solidify an uptrend. Conversely, failure to cross this threshold could result in a downward correction.</p>
<p style="text-align: justify">The crypto expert anticipates that Bitcoin could see its value shrink to approximately $40,000 before any chance of a rebound. He cautions investors to keep a close eye on crucial price levels to confirm the asset’s direction. Krown has delineated a severe drop scenario that could see Bitcoin plummet to roughly $28,000 if adverse conditions persist.</p>
<p style="text-align: justify">Currently, Krown indicates that Bitcoin is at a pivotal point, having receded 12% from its peak the previous month, and is now on the brink of breaching the vital $40,000 support level. Should Bitcoin fall below this threshold, the next significant support lies around the $30,000 mark, marking a considerable downturn in value.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-possible-downturn-in-february-analyst-advises-caution" rel="noopener noreferrer nofollow">Bitcoin Faces Possible Downturn in February, Analyst Advises Caution</a></h5>

Bitcoin Faces Possible Downturn in February, Analyst Advises Caution

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