Bitcoin

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoins-support-level" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin’s Support Level</a><br></p>
<p style="text-align: justify">The cryptocurrency <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> had a rough start today, with Bitcoin dropping to $53,485 on <a href="https://en.bitcoinhaber.net/binance-expands-trading-options-with-new-turkish-lira-pairs" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>. This decline significantly impacted altcoins as well. An analyst has scrutinized this latest drop, identifying a potential support level for Bitcoin. According to the analyst, a wave of increase could follow from this level. Let’s delve into the analyst’s assessment.</p>
<h2 id="why-is-52-000-crucial-for-bitcoin">Why is $52,000 Crucial for Bitcoin?</h2>
<p style="text-align: justify">Stockmoney Lizards, a noted analyst, shared insights on the cryptocurrency market on X today, focusing on the Bat-based harmonic model. The analysis revealed that Bitcoin had already breached the first two support levels at $60,000 and $56,000. This suggests a bearish trend and significant downward pressure on the cryptocurrency.</p>
<p style="text-align: justify">The analyst anticipates a liquidity flow that might cause a long wick below $50,000, leading to a support level at $52,000. In this scenario, “liquidity flow” refers to a sudden price drop followed by a sharp recovery. This means Bitcoin’s price could briefly fall below $50,000 before rebounding to stabilize around $52,000.</p>
<h2 id="could-bitcoin-decline-further">Could Bitcoin Decline Further?</h2>
<p style="text-align: justify">Despite Bitcoin’s Relative Strength Index (RSI) and other technical indicators being oversold, Stockmoney Lizards suggests there’s still room for further decline. An oversold condition generally indicates a potential for a price increase, but the analyst warns that Bitcoin might not be ready for a rebound yet.</p>
<p style="text-align: justify">The ideal scenario, according to the analyst, would be Bitcoin consolidating at the $52,000 level. Consolidation is a period where the price fluctuates within a narrow range, signaling a pause in market trends. Higher trading volumes at this stage could suggest bullish divergence.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Investors can consider the following points:</p>
<ul>
 <li>Monitor Bitcoin’s movement around the $52,000 level for consolidation.</li>
 <li>Watch for signs of liquidity flows causing brief drops below $50,000.</li>
 <li>Track RSI and other technical indicators for signs of bullish divergence.</li>
</ul>
<p style="text-align: justify">The real test is when a bullish divergence will occur. This happens when an asset’s price makes lower lows, but a momentum indicator like the RSI makes higher lows, suggesting a potential reversal. The analyst believes this situation is imminent. We shall see if the bullish divergence highlighted by the analyst materializes for Bitcoin.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoins-support-level" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin’s Support Level</a></h5>

Analyst Predicts Bitcoin’s Support Level

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