Bitcoin

Bitcoin, the largest cryptocurrency in the market, experienced a price recovery on Friday; however, industry experts anticipate a further test of sub-$30,000 levels in the near term.&nbsp; 
The <a href="https://www.newsbtc.com/breaking-news-ticker/130m-silk-road-bitcoin-stash-to-be-sold-by-us-government/" target="_blank" rel="noopener ">prolonged downtrend</a> observed over the past fourteen days, coupled with mounting selling pressure, has raised concerns about the sustainability of the recent rebound. 
<h2 id="btc-s-local-bottom-predicted">BTC’s Local Bottom Predicted</h2> 
Chris Burniske, co-founder of a New York-based venture crypto firm, highlights several factors contributing to the anticipated downward movement of Bitcoin.&nbsp; 
Burniske <a href="https://x.com/cburniske/status/1750623508307284171?s=20" target="_blank" rel="noopener nofollow">suggests </a>that the consolidation phase may extend longer than expected due to many variables, including crypto-market dynamics, macroeconomic conditions, adoption trends, and new product developments.&nbsp; 
Burniske offers his outlook on Bitcoin, stating that a local bottom could be reached in the $30,000 to $36,000 range. However, he wouldn’t be surprised if the cryptocurrency tests the mid-to-high $20,000 before <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-etf-day-8-update-market-rebound-signals-bottom-as-grayscale-selling-slows-down/" target="_blank" rel="noopener ">recovery </a>occurs, leading to a renewed push toward previous all-time highs.&nbsp; 
Burniske cautions that the path to such a recovery will likely be volatile, marked by potential fakeouts, and may span several months. 
The market expert advises investors to exercise patience during this period of uncertainty. Burniske <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-price-at-risk-grayscales-335m-coinbase-transfer-stirs-30000-plunge-potential/" target="_blank" rel="noopener ">suggests</a> that other cryptocurrencies may experience more significant percentage declines if his predictions hold Bitcoin. Burniske further stated: 
<blockquote>
 Before you get mad with, “We’re just getting this cycle started, Chris!!!” Mostly agree, ~called the cycle bottom in Nov 2022 and continue to believe the long-term trend remains robust. Have also seen a lot of crypto volatility over the last decade+…. recently, I’ve specifically been discussing a local top and local low, not a cycle-wide top and low.&nbsp;
</blockquote> 
<h2 id="buy-signal-for-bitcoin">Buy Signal For Bitcoin</h2> 
Crypto analyst Ali Martinez has provided insights into potential price movements for Bitcoin in its latest analysis conducted on the social media platform X (formerly Twitter).&nbsp; 
Martinez’s <a href="https://x.com/ali_charts/status/1750860444615479642?s=20" target="_blank" rel="noopener nofollow">assessment </a>indicates that the TD Sequential indicator recently flashed a buy signal on the daily chart, coinciding with Bitcoin’s current position above the 100-day Simple Moving Average (SMA) at approximately the $40,000 level.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-571913" src="https://www.newsbtc.com/wp-content/uploads/2024/01/GExOSoVWMAA8K9O.jpeg?w=860&amp;resize=860%2C585" alt="Bitcoin " width="860" height="585" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/GExOSoVWMAA8K9O.jpeg?w=1200 1200w, https://www.newsbtc.com/wp-content/uploads/2024/01/GExOSoVWMAA8K9O.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/GExOSoVWMAA8K9O.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/GExOSoVWMAA8K9O.jpeg?w=860&amp;resize=860%2C585 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/GExOSoVWMAA8K9O.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/GExOSoVWMAA8K9O.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
According to Martinez, if Bitcoin surpasses the $40,550 resistance level, it may trigger an upswing with a target price of $43,000. This<a href="https://www.newsbtc.com/bitcoin-news/expert-analysis-six-factors-suggest-bitcoin-price-wont-drop-below-37800/" target="_blank" rel="noopener "> bullish scenario</a> implies a potential price rally for Bitcoin soon.&nbsp; 
However, the analyst also highlights the importance of closely monitoring the 100SMA support level, as a breach of this level could have significant implications for the cryptocurrency’s price trajectory. 
Martinez cautions that if the 100SMA support level is breached, it might result in Bitcoin experiencing a downward move toward the $33,300 level. This potential downside scenario indicates a critical support level that, if broken, could lead to increased <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-long-positions-surge-on-bitfinex-whales-add-4230-btc-signaling-potential-price-reversal/" target="_blank" rel="noopener ">selling pressure</a> and a bearish sentiment in the market. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/Atua1Q8U/" alt="Bitcoin " width="1814" height="858"> 
At the time of writing, BTC’s price has recovered 3.8% over the past 24 hours, resulting in a current trading price of $41,400. 
Featured image from Shutterstock, chart from TradingView.com

Bitcoin Crash Ahead: Expert Predicts Testing $20K Before Rebound

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