Monday, May 29

Analysts Warn Bitcoin Could Drop to $38,000 “Before Eventual Breakout” By Cointelegraph

©Reuters. Analysts warn that Bitcoin could fall to $38,000 “before an eventual breakout”

The cryptocurrency market faced another day of weakness on Jan 18 as the price of () fell lower putting additional pressure on the altcoin market as well. Currently, the Crypto Fear & Greed Index recorded “Extreme Fear” among investors with some traders warning that BTC price could soon fall below its recent low of $39,000.

Crypto Fear & Greed index. Source: Alternative, Cointelegraph Markets Pro and TradingView data shows that the bulls lost control of the $42,000 support level during early trading hours on Tuesday as the bears hit BTC price to a daily low of $41,250.

BTC/USDT 1-day chart. Source: TradingViewJanuary Historically Weak for Bitcoin Many cryptocurrency holders disappointed by the lack of a cap to close out 2021 were also expecting the fireworks to start in 2022, but historically speaking, January “has been one of the most disappointing months for BTC,” according to a recent Delphi report. Digital.

Read the full article on Cointelegraph

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