Cryptocurrency

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 <p class="paragraph">After a long-awaited spot-Bitcoin ETF approval, the price trajectory hasn’t panned out for investors as they thought it would. Bitcoin’s (BTC) price experienced a downturn, which sent its price below the $40,000 threshold. And it might just be the beginning.</p>
 <p class="paragraph">A weekly chart close below the $38,000 mark may indicate a potential downturn for Bitcoin, with a focus on the robust support cluster situated around $33,000.</p>
 <p class="paragraph">This critical region incorporates multiple technical components, including the lower boundary of a parallel channel, the 0.5 Fibonacci retracement level, and the 50-week simple moving average, as per a post on X from cryptocurrency analyst Ali Martinez on January 24</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="548" src="https://cdn.thebittimes.com/images/2024/01/24/0fc597c249104f10249d7c7332909e78.webp" alt="Potential further lows for BTC. Source: Ali Martinez" class="wp-image-150895" srcset="https://cdn.thebittimes.com/images/2024/01/24/0fc597c249104f10249d7c7332909e78.webp 1024w, https://cdn.thebittimes.com/images/2024/01/24/0fc597c249104f10249d7c7332909e78.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/0fc597c249104f10249d7c7332909e78.webp 768w, https://cdn.thebittimes.com/images/2024/01/24/0fc597c249104f10249d7c7332909e78.webp 1536w, https://cdn.thebittimes.com/images/2024/01/24/0fc597c249104f10249d7c7332909e78.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Potential further lows for BTC. Source: Ali Martinez
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 <p class="paragraph">The convergence of these factors establishes a noteworthy line of defense that has the potential to impede further declines in the price of maiden crypto.</p>
 <h2 class="wp-block-heading" id="h-historical-movement-as-a-possible-prediction">Historical movement as a possible prediction</h2>
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       <h3 class="font-bold leading-6 " id="bitcoin-price-prediction-as-whales-dump-3-billion">Bitcoin price prediction as whales dump $3 billion</h3>
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 <p class="paragraph">Historical price movement might be a nice indicator for investors, as it can potentially retrace the same pattern as it did after previous notable events.</p>
 <p class="paragraph">In December 2017, BTC experienced a surge in value in anticipation of the commencement of Bitcoin futures trading, only to undergo an 84% <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a> subsequently. A parallel occurrence transpired in October 2021, when flagship crypto witnessed an upward trajectory preceding the approval of the Bitcoin futures ETF, resulting in a subsequent <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a> of 78%, per a post from investor Charlie Bilello on January 23.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="850" height="567" src="https://cdn.thebittimes.com/images/2024/01/24/b1befe30c52a21ada5b7d630a848e38c.webp" alt="Historical price movement of BTC after notable events. Source: Charlie Bilello" class="wp-image-150896" srcset="https://cdn.thebittimes.com/images/2024/01/24/b1befe30c52a21ada5b7d630a848e38c.webp 850w, https://cdn.thebittimes.com/images/2024/01/24/b1befe30c52a21ada5b7d630a848e38c.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/b1befe30c52a21ada5b7d630a848e38c.webp 768w" sizes="(max-width: 850px) 100vw, 850px">
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   Historical price movement of BTC after notable events. Source: Charlie Bilello
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 <p class="paragraph">In January 2024, a similar pattern unfolded as price rallied before the approval of the inaugural spot-Bitcoin ETF, albeit with a more moderate <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a> of 20% thus far.</p>
 <h2 class="wp-block-heading" id="could-whales-be-to-blame-for-correction">Could whales be to blame for correction?</h2>
 <p class="paragraph">Addresses that hold a large amount of specific digital asset (known as whales) might directly impact the price of cryptocurrency due to their trading moves.</p>
 <p class="paragraph">The latest data indicates notable activities among cryptocurrency whales in different holding brackets. Wallets with values ranging from $100,000 to $10 million have experienced a 3% drawdown over the past six months, while those in the $10,000 to $10 million range show a 4% reduction since August, per a post from crypto educator <em>Wise Advice</em> on January 20.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="663" src="https://cdn.thebittimes.com/images/2024/01/24/6ca3f287eae8bf83f2ea879b0d955992.webp" alt="Whales BTC selling activity among different-sized wallets. Source: Wise Advice
" class="wp-image-150897" srcset="https://cdn.thebittimes.com/images/2024/01/24/6ca3f287eae8bf83f2ea879b0d955992.webp 1024w, https://cdn.thebittimes.com/images/2024/01/24/6ca3f287eae8bf83f2ea879b0d955992.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/6ca3f287eae8bf83f2ea879b0d955992.webp 768w, https://cdn.thebittimes.com/images/2024/01/24/6ca3f287eae8bf83f2ea879b0d955992.webp 1536w, https://cdn.thebittimes.com/images/2024/01/24/6ca3f287eae8bf83f2ea879b0d955992.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Whales BTC selling activity among different-sized wallets. Source: Wise Advice
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 </figure>
 <p class="paragraph">Interestingly, wallets holding 10,000 to 10 million BTC maintain their lowest amount since June 2023, suggesting a potential trend of selling or distribution by these holders.&nbsp;</p>
 <h2 class="wp-block-heading" id="bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of press, BTC was trading at $39,926 after adding 1.25% the previous day, contrary to losses of -6.52% in the past week and downside of -8.50% in the last month.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/24/61b0cf4e958dbd3ec404456be2231425.webp" alt="BTC 24-hour price chart. Source: Finbold" class="wp-image-150898" srcset="https://cdn.thebittimes.com/images/2024/01/24/61b0cf4e958dbd3ec404456be2231425.webp 1024w, https://cdn.thebittimes.com/images/2024/01/24/61b0cf4e958dbd3ec404456be2231425.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/61b0cf4e958dbd3ec404456be2231425.webp 768w, https://cdn.thebittimes.com/images/2024/01/24/61b0cf4e958dbd3ec404456be2231425.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC 24-hour price chart. Source: Finbold
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 <p class="paragraph">Technical indicators paint a contrasting picture, with an overall rating of ‘neutral’ at 7 and moving averages tilt towards ‘sell’ at 9. Meanwhile, oscillators move towards ‘buy’ at 4.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="242" src="https://cdn.thebittimes.com/images/2024/01/24/807f9a2142fb407204317acebc6236d2.webp" alt="Technical analysis of BTC price. Source: TradingView" class="wp-image-150899" srcset="https://cdn.thebittimes.com/images/2024/01/24/807f9a2142fb407204317acebc6236d2.webp 1024w, https://cdn.thebittimes.com/images/2024/01/24/807f9a2142fb407204317acebc6236d2.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/807f9a2142fb407204317acebc6236d2.webp 768w, https://cdn.thebittimes.com/images/2024/01/24/807f9a2142fb407204317acebc6236d2.webp 1469w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Technical analysis of BTC price. Source: TradingView
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 </figure>
 <p class="paragraph">With the historical data, trading sentiment, and price <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> making a case against Bitcoin, it is probable to expect further dips, which might provide an opportunity as an entry point for investors.</p>
 <p class="paragraph">&lt;<a rel="noopener noreferrer nofollow" title="strong" href="https://thebittimes.com/tag/strong.html">strong</a>&gt;<em>Disclaimer:</em>strong&gt;<em> 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="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brace-for-strong-btc-correction-here-s-why-tbt77545.html">https://thebittimes.com/brace-for-strong-btc-correction-here-s-why-tbt77545.html</a></p>

Brace for strong BTC correction; Here’s why

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