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Top Trader Foresees BTC Halving Dip to $30K Before New ATH in 4Q
The Bitcoin price has dropped a fraction over the last 24 hours to trade for $42,722 as of 1:20 a.m. EST time.
Trading volume is up 30% over the same timeframe, even as a top trader says BTC will test investors before reaching new highs.
In a February 2 market update, trading suite DecenTrader said the Bitcoin price was displaying classic “halving year” behavior, and is likely to punish bulls before heading for a new all-time high. With this, CEO and co-founder Filbfilb highlights that investors should expect an uptick in buying pressure around two months before the halving date, estimated around April 24.
Bitcoin Market update. https://t.co/jYtMqXTXWA
— filbfilb (@filbfilb) February 2, 2024
The trader sees BTC plunging to $30K in the months after the halving and then reaching a new ATH in the fourth quarter this year.
Meanwhile, the Bitcoin price is trading horizontally, still below the foothold of the ascending trendline. Overhead pressure is building, with BTC confronting immediate resistance due to the 50-day Simple Moving Average at $42,987.
Bitcoin Price Outlook As BTC Trades Horizontally
The Bitcoin price looks poised for a breakdown, considering the Relative Strength Index (RSI) was about to execute a sell signal. This will happen ones it crosses below the signal line (yellow band). The Awesome Oscillator (AO) indicator also tilts the odds in favor of the bears as its histogram bars are flashing red. The same bearish outlook is displayed by the Moving Average Convergence Divergence (MACD) inching towards negative territory.
While the horizontal move shows indecisiveness, technical indicators show the market favors the bears. If the bears take over the market, the Bitcoin price could descend to test the support confluence between the 100-day SMA and the horizontal line at $40,726.
An extended fall could send the Bitcoin price to the demand zone between $38,496 and $39,895. A break below the midline of this order block at $39,196 would confirm the t continuation of the downtrend.
In the dire case, the Bitcoin price could test the $37,800 support level, below which the cliff could see BTC roll over to $30,000.Such a move would denote a 30% drop below current levels. A break and close below this level would invalidate the predominant bullish trend.
TradingView: BTC/USDT 1-day chart
Converse Case
On the other hand, a re-entry by the bulls could see the Bitcoin price overcome the resistance due to the 50-day SMA at $42,937. This would set the pace for an extension north to confront the $43,750 blockade. Clearing this roadblock would see Bitcoin price reclaim the support offered by the ascending trendline, bringing $48,000 into focus.
In a highly bullish case, the Bitcoin price could target $50,000, standing nearly 17% above current levels. Meanwhile, smart investors are looking at the current state of the Bitcoin price as an opportunity to buy low.
$BTC$BTC correction for month or 2, will be the last buy the dip opportunity before big impulsive #bullmarket upside move.
Follow your favorite altcoins and load big on the dip, that's the plan.
I like $ARB $NEAR $TIA $GLMR $VOXEL $CELL & others.#Bitcoin #BTCUSD #BTCUSDT https://t.co/enScKv4bTp
— Aqua (@PayneResidence) February 1, 2024
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