Bitcoin Price Prediction, Decoding the Chaos in BTC

Bitcoin is down 8% from $45,000, but bulls remain staunch over $40K

• According to Coingabbar Technical Analysis, Following an extended period of consolidation and unsuccessful attempts to surpass the $45,000 level, profit booking emerged in the BTC price.

• On the 4-hour chart, a Double Top Formation breakout is anticipated, indicating a price decline.

• Following a sharp fall from $44,000, BTC found support near $40,400, holding the $40,000 level.

• BTC's support is derived from the Ascending Channel pattern.

• After a decline, support from the 20-Day Moving Average led to a rebound towards the $42,000 level.

• If BTC maintains $40,000 support, recovery is possible with a target at the next resistance of $45,000.

• Conversely, a breach of $40,000 by bears may trigger panic selling towards $37,500, approaching the channel support.

KEY LEVELS :

RESISTANCE LEVEL : $42,600-$43,000

SUPPORT LEVEL : $41,700-$41,300

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.