Cryptocurrency

Cardano

2024

Bitcoin

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 <p class="paragraph">Following the recent Bitcoin (BTC) price decline, the $40,000 position has become pivotal, with both bulls and bears grappling to control the upcoming price trajectory.</p> 
 <p class="paragraph">The overall market sentiment remains bearish, as several analysts predict further losses in the coming days. In particular, crypto trading expert <em>Alan Santana</em> has identified key levels investors should monitor as Bitcoin seeks to minimize losses.&nbsp;</p> 
 <p class="paragraph">In a <em>TradingView</em> post on January 24, <em>Santana</em> maintained a bearish outlook for Bitcoin, suggesting that the asset will likely reach a low of $23,000. The expert indicated that the next target for Bitcoin is expected to be $37,500, with a potential attainment date of January 25.&nbsp;</p> 
 <p class="paragraph">Furthermore, he pointed out the likelihood of Bitcoin trading below $30,000, anticipating a plunge to see the flagship crypto testing $27,500, $25,500, and eventually $23,000.</p> 
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       <h3 class="font-bold leading-6 " id="machine-learning-algorithm-sets-bitcoin-price-for-february-1-2024"> Machine learning algorithm sets Bitcoin price for February 1, 2024 </h3> 
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 <p class="paragraph">Santana derived his <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> from Bitcoin’s support level at $41,300 on January 12, using it as a basis for expectations through technical <a rel="dofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>.</p> 
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  <img decoding="async" width="1024" height="557" src="https://cdn.thebittimes.com/images/2024/01/25/9a49c757e3f451fb6b5de01bc0f16c9e.webp" alt class="wp-image-151151" srcset="https://cdn.thebittimes.com/images/2024/01/25/9a49c757e3f451fb6b5de01bc0f16c9e.webp 1024w, https://cdn.thebittimes.com/images/2024/01/25/9a49c757e3f451fb6b5de01bc0f16c9e.webp 300w, https://cdn.thebittimes.com/images/2024/01/25/9a49c757e3f451fb6b5de01bc0f16c9e.webp 768w, https://cdn.thebittimes.com/images/2024/01/25/9a49c757e3f451fb6b5de01bc0f16c9e.webp 1536w, https://cdn.thebittimes.com/images/2024/01/25/9a49c757e3f451fb6b5de01bc0f16c9e.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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   <em>Bitcoin price analysis chart. Source: Finbold</em>
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  <p class="paragraph">“Whenever a support level is hit/reached, a pullback normally happens. Here Bitcoin bounced right before reaching our <a rel="dofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a>, which means that this level has been challenged already and in the case of a lower high, which is what is happening now, the next drop will go beyond 41K.. We now aim for the second <a rel="dofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a>, which is in the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> range for $37,000 and $39,000,” he said.&nbsp;</p> 
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 <h2 class="wp-block-heading" id="h-bitcoin-s-attention-remains-at-40-000">Bitcoin’s attention remains at $40,000</h2> 
 <p class="paragraph">It’s worth noting that the decline in Bitcoin’s <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> follows the cryptocurrency’s inability to capitalize on the introduction of the spot Bitcoin exchange-traded fund (ETF). At a certain point, Bitcoin experienced a drop to as low as $38,000, but it has since bounced back to reclaim the $40,000 position.</p> 
 <p class="paragraph">Interestingly, the price decrease coincided with a decline in discussions surrounding Bitcoin, which dropped by 35%, as per a previous Finbold report.&nbsp;</p> 
 <p class="paragraph">At the same time, some market participants anticipate that Bitcoin is poised for a rally supported by the upcoming halving event, with the ETF expected to have a long-term impact.</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">On the other hand, by press time, Bitcoin had made modest gains of about 0.4% in the last 24 hours, trading at $40,088. On the weekly chart, Bitcoin shows a decrease of almost 7%.</p> 
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  <img decoding="async" width="904" height="507" src="https://cdn.thebittimes.com/images/2024/01/25/909be74ba103fa49bc7b58d2d666e071.webp" alt class="wp-image-151150" srcset="https://cdn.thebittimes.com/images/2024/01/25/909be74ba103fa49bc7b58d2d666e071.webp 904w, https://cdn.thebittimes.com/images/2024/01/25/909be74ba103fa49bc7b58d2d666e071.webp 300w, https://cdn.thebittimes.com/images/2024/01/25/909be74ba103fa49bc7b58d2d666e071.webp 768w" sizes="(max-width: 904px) 100vw, 904px">
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   <em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">Although the overall sentiment remains bearish, Bitcoin <a rel="dofollow" title="bulls" href="https://thebittimes.com/tag/bulls.html">bulls</a> will be hoping to capitalize on the $40,000 mark, which holds significant psychological importance.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-target-to-watch-as-bears-and-bulls-tussle-for-control-tbt77696.html">https://thebittimes.com/bitcoin-price-target-to-watch-as-bears-and-bulls-tussle-for-control-tbt77696.html</a></p>

Bitcoin price target to watch as bears and bulls tussle for control

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TheBitTimes

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