$100,000 Target in Bitcoin
The dominance of uncertainty may have triggered a correction from $72,000. Analysts do not believe that Bitcoin price has the momentum to continue its uptrend above $70,000, let alone narrow the gap to the projected $100,000 target in 2024. According to the moving average convergence divergence (MACD) indicator, the path of least resistance is downwards. A sell signal supported by the position of the MACD line below the signal line and bearish histograms indicate further losses at the open. $BTC
To reverse this bearish view, Bitcoin may need to break the 20-day exponential moving average (EMA) into support at $68,471. Another break above the middle boundary of the channel or the $70,000 hurdle would be required to confirm the uptrend. On the contrary, traders cannot ignore the possibility of selling pressure overtaking the bulls, especially if the immediate support of the 50-day EMA at $67,671 is broken. Losing support at the lower boundary of the channel or the $66,000 level could be detrimental to Bitcoin's future. Such a move could break the 200-day EMA at $65,234 with the risk of an extended decline to $64,000 or $62,000. Best regards đ«Ą$BTC #EarnFreeCrypto2024
