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Bitcoin Could Drop Another 35%. Analysts’ Opinion.

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Bitcoin could drop

Bitcoin could drop another 35%. Analysts’ opinion.

Bitcoin could drop after the update of the all-time high above $ 58 thousand. BitXmi analysts told how the situation will develop in the near future.

On Friday, February 26, the bitcoin rate on the Bitxmi crypto exchange dropped to $ 45.5 thousand. At the time of this writing, the asset is trading at $ 46.7 thousand, over the past day, bitcoin has fallen in price by 8%. The value of the cryptocurrency has been declining after it reached an all-time high above $ 58.3K on February 21.

Bitcoin could drop

According to analysts, in the near future, cryptocurrency quotes may drop to $ 42-40 thousand. This zone will act as a support, after which the trend will reverse and the asset will return to growth.

“If fundamentals help the bears break this support zone, we will see $ 30,000,” analysts warn. 

If their prediction comes true, then the value of the cryptocurrency will fall by another 35% from the current levels.

Traders’ opinion.

Trader Josh Rager recommended keeping an eye on the $ 44,000 mark. On February 23, the value of the cryptocurrency dropped to this level, after which it rose. Rager is confident that if this time this mark does not hold, the rate will continue to move towards $ 40,000.

 

“If the price drops to $ 40 thousand, then in the medium term it may reach $ 30 thousand. After that, it may rebound,” –  the trader said.

Bitcoin could drop

NewsBTC analyst Ayash Jindal called the main resistance levels for bitcoin $ 49.1 thousand, $ 50 thousand, and $ 50.7 thousand. According to the expert, the cryptocurrency needs to overcome these marks in order to return to the positive zone and continue to grow.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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