👉👉👉 Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon
Bitcoin (BTC) recently closed January above the $40,000 mark, presenting a positive outlook. However, market analyst Justin Bennett suggests that the bottom for Bitcoin has not yet been reached, pointing to potential further price declines. Bennett's analysis focuses on Tether's #stablecoin , #USDT , dominance chart, indicating a potential inverse relationship with Bitcoin's price movements.
While Bitcoin's recent recovery and breach of the $40,000 level have instilled optimism, Bennett warns of a potential retest of the mid $44,000 range followed by further price declines. He highlights Tether dominance levels as reliable indicators for Bitcoin's price movements, anticipating a potential increase from the current 6% to around 8%, signaling potential price declines for Bitcoin.
As of January 25, Bennett suggested a potential 20% drop for Bitcoin, bringing it to around $30,000. Maintaining support at this level is crucial for sustaining the current bullish trend, with a drop below $29,000 giving bears a stronger position. Key support levels at $28,400, $25,900, and $24,000 would be crucial factors in determining Bitcoin's resilience against increased selling pressure.
Despite these warnings, crypto analyst Ali Martinez points to a notable accumulation trend among investors in Bitcoin. The Accumulation Trend Score, indicating buying activity by larger entities, has consistently remained high for the past four months, hovering near 1. This suggests that influential market participants are actively accumulating Bitcoin, expressing confidence in its long-term potential.
Martinez's analysis identifies the $42,560 price range as a significant interest zone, with a total of 912,626 $BTC transacted within this range. This accumulation trend may serve as a substantial support level, potentially mitigating further downside movements and fostering increased buying interest in Bitcoin.
Source - newsbtc.com
