The price of BTC fell again is below $ 42,000 and, with that, further increasing the dismay of cryptocurrency investors who believed that January would bring a new high for the largest crypto asset.
Thus, analysts believe that the current low could also hit institutional investors who could sell their BTCs causing a drop below $40,000.
Therefore, according to several analysts, if this happens, the indicators will go on to suggest an even greater downside in the BTC price trend, as the “cross of death” appears and with that, push BTC below $ 35,000. .
So, among analysts, Mike Novogratz, CEO of Galaxy Investment Partners, predicted that the price of BTC could reach $40K and then start a major corrective move.
However, he believes there could be strong institutional demand from investors with institutions accumulating BTC at $40,000 and thereby buying the dip and holding the value of BTC at critical support.
BTC is forming death cross
“As companies figure out how to add BTC to their holdings, $40,000 is considered a great entry point,” he said.
Thus, unlike Novogratz, other analysts such as Ekta Mourya point out that BTC price remains at further downside risk if it goes below the $43K level.
Therefore, she points out that BTC price has dropped below the 100 hourly simple moving average, below $43,000 and the 50-day exponential moving average has dropped below 200 days, forming a “death cross”.
“Historically, the pattern has predicted a drop in the price of BTC,” said.
Thus, agreeing with Mourya is the analyst known as BitBitCrypto, who claimed that the BTC rally is over and now is the time for a bear market that could last a long time and should only be broken with a launch of a BTC ETF at View.
FXStreet analysts assessed the BTC price trend and predicted that the asset remains at risk of falling to $37,000 and $35,000.