The crypto market’s continuing sell-off has wiped out more than $1 trillion in value. The BTC price has also fallen below the $38000 support level, indicating that a further loss is likely in the coming session.
BTC Price Action
BTC is presently trading at $35344, up 1.5 percent from yesterday’s price. The coin’s price is currently fluctuating around the 0.5 Fibonacci level and psychological support of $35000.
If the price breaks through this support level, the next important support for Bitcoin will be the $30000 accumulation support in May-June 2021.
In the event of a positive reversal, however, the coin price must first face the declining trendline before it can begin a proper rally. The levels of resistance are $40000 and $45000.
Bearish predictions continue for BTC
Closely watched crypto expert Benjamin Cowen has suggested a probable floor price for Bitcoin.Cowen claims that $30,000 is the crucial price level for Bitcoin in a recent interview on the financial freedom YouTube channel InvestAnswers.
“Clearly $30,000 is a big area as well. I don’t want to say there’s necessarily an absolute floor, because if you do and it goes below it then you have to make a new floor.”
However, he believes there are probabilities associated with particular levels holding, and obviously, the lower we go, the more probable it is that we will hold that price.
In the event of a cascade down, $30,000 is absolutely a target.He also suggests that going below $30,000 is impossible, because it is. During the summer, we were able to go below $30,000.
According to the highly recognised analyst, Bitcoin would be worth roughly $20,000 in a “full-on worst-case scenario.”
One thing to keep an eye on with Bitcoin, according to Cowen, is its extremely oversold relative strength index (RSI), which measures whether an asset is overvalued or undervalued. He claims it’s nearing levels not seen since the pandemic-induced fall in March 2020, implying that BTC is now undervalued.