Bitcoin Price Prediction, BTC Red Alert Skyrocket or Plummet

Bitcoin struggles below $42,000, faces downside risk under $40,000.

• According to Coingabbar Technical Analysis , Bitcoin initiated a downward correction from the $45,000 zone against the US Dollar.

• BTC Daily chart indicates a bullish breakout rally within a rising channel, reaching the $40K threshold but unable to surpass the $45K barrier.

• Subsequent to this, a pullback phase ensues, prompting a retest of the breakout level within the channel.

• On the hourly chart, BTC is presently within the confines of a bearish flag pattern.

• BTC is trading within a Rounding Top pattern on the 4-hour chart.

• The current BTC price hovers around $41,100, reflecting a 1.00% intraday decrease within a bearish candle.

• Bitcoin is above a broken trendline but struggles to gain momentum for a post-retest reversal.

•  Long-tail formations suggest a potential bounceback, despite challenges in upward movement.

• Sustaining above $40K could revive the uptrend, targeting $45,000 and a potential 25% increase to $50,000.

• Failure to hold above $40K may prolong the correction, with a likely retest of crucial support at the rising trendline and 50D EMA at $37,500.

KEY LEVELS :

RESISTANCE LEVEL : $41,500-$42,100

SUPPORT LEVEL : $40,600-$40,000

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.