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Bitcoin Plummets Below $40,000: Analysts Weigh In

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You can also read this news on BH NEWS: Bitcoin Plummets Below $40,000: Analysts Weigh In
Bitcoin bitcoin has fallen below $40,000 for the first time in nearly 50 days, a level previously boosted by ETF optimism and 2024 outlooks. This retreat has caused a ripple effect, leading to significant losses across altcoins. Ethereum struggles to maintain $2,200, while Solana briefly dipped below $80, and Binance Coin lost its crucial $300 support.
Analysts are adjusting their predictions following the recent price movements. Veteran trader Bob Loukas suggests Bitcoin’s weekly cycle chart indicates a peak has been reached. Peter Brandt confirms a bearish outlook, noting a completed expanding triangle pattern, and anticipates potential drops to $34,700, with Bitfinex setting a short-term target of $36,000. Pre-halving estimates even suggest a fall to $32,000.
Fidelity Investments’ Jurrien Timmer provides a more moderate perspective, attributing Bitcoin’s price direction to its network growth, scarcity (stock-flow), and real rates (Fed policy). He indicates that Bitcoin’s network is following a standard power regression curve, implying continued growth along an S-curve.
Investors are expected to maintain their current apprehension for another week due to macro pressures and GBTC sales until the upcoming Fed meeting. However, the March meeting, with a 50% chance of an interest rate cut, could reignite enthusiasm for risk markets, especially if supported by entries into spot BTC ETFs, potentially accelerating recovery.
Overall, the crypto market is witnessing a downturn, with analysts providing mixed forecasts. While some predict further declines, others remain cautiously optimistic, looking towards macroeconomic indicators and institutional support for cues on the market’s next move.
The post first appeared on BH NEWS: Bitcoin Plummets Below $40,000: Analysts Weigh In

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