Analysts believe that the price of Bticoin has the potential to fall to the $ 29,000 level or below that price level. At the time of writing, the BTC price has broken the $ 38,000 price level. However, it can be a 'false hope' or a 'false breakout'.
Of late, the BTC price has regularly traded in the $ 36,000 - $ 37,000 range. If Bitcoin fails to maintain the $ 37,000- $ 39,000 price range and there is no supporting sentiment, coupled with bearish technical analysis then there is a high probability that the BTC price will continue to plummet to the next support level.
Some analysts argue that the emergence of the 'death cross' carries an indication of further decline. Based on past data showing each time the signal occurs, the BTC price experiences a deeper decline.
‘Death Cross’ is a technical chart that shows the potential for a decline or downtrend. These analyzes are usually based on 50 -day and 200 -day movement patterns.
The BTC price has fallen 43.5% from an all -time high of $ 65,000. Most analysts make comparisons with the price spike experienced during 2017. After 107 days the BTC price reached its peak in 2017 and the occurrence of the ‘Death Cross’, the BTC price has fallen by 70%. The same thing happened in 2019.
Is history likely to repeat itself? it is still a question mark and speculation. BTC needs positive sentiment to maintain a more stable movement. At the time of writing, the BTC price is trading at $ 38,044.36.
