Analyst Warns Bitcoin (BTC) Price Could Drop Another 20%

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Analyst Warns Bitcoin (BTC) Price Could Drop Another 20% - NewsBTC

Quick Summary:

To him, BTC is "still holding inside the descending broadening wedge and holding sensible area of support.” Due to this performance, Jelle considers that "the higher the day end, the better.” Related Reading: MATIC: Market Nosedive Leads To 30% Wipe In Value Lastly, renowned analyst Ali Martinez stated that Bitcoin must reclaim the $54,000 support level to prevent dropping to the $40,000 mark.

Per the post, the analyst won’t be "sitting comfortably” until BTC prices test the $40,000-$47,000 area, as these levels "got a lot more support.” Bitcoin’s current price action reminds the analyst of its performance during the 2021 rally.

The summer 2021 violent dump, which resembles the current crash, was followed by a bottom that "formed over several months.” Based on this, Sherpa believes that the January 2024 price range could be the key area to watch.