Bitcoin Price Prediction, BTC Red Alert Skyrocket or Plummet

Key Takeaways
  • Bitcoin experienced heightened price swings, influenced by events like the US CPI and the upcoming FOMC decision.
  • Most folks anticipate that the Federal Reserve will stick to keeping interest rates between 5.25% and 5.50%.
13-12-2023 By: Lokesh Gupta
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.

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