BITCOIN PRICE TURNS RED

Bitcoin price remained in a bearish zone below the $40,000 support zone. BTC extended its decline and traded below the $49,200 level. Finally, it tested the $38,500 support zone, as discussed in yesterday’s post.
A new weekly low was formed near $38,518 and the price is now correcting losses. It is slowly recovering above the $39,000 level. It cleared the 23.6% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

Bitcoin is now trading below $40,000 and the 100 hourly Simple moving average. Immediate resistance is near the $40,000 level. The first major resistance is near the $40,350 level or the 50% Fib retracement level of the downward move from the $42,260 swing high to the $38,518 low.

There is also a key bearish trend line forming with resistance near $40,450 on the hourly chart of the BTC/USD pair. A clear move above the $40,450 resistance could send the price toward the $40,850 resistance. The next resistance is now forming near the $41,250 level. A close above the $41,250 level could push the price further higher. The next major resistance sits at $42,000.

ANOTHER DECLINE IN BTC?

If Bitcoin fails to rise above the $40,450 resistance zone, it could start another decline. Immediate support on the downside is near the $39,400 level.
The next major support is $39,000. If there is a close below $39,000, the price could gain bearish momentum. In the stated case, the price could revisit the $38,500 support in the near term.#BTC #BTCETFSPOT #BTC-ETF #BTCvsRecession #BTC.price.surpassed

🌟📈 Bitcoin’s Unstoppable Surge: VanEck Forecasts New Highs in 2024 Despite Economic Downturn 🚀💥

Introduction:

Hey Binance community! Today, let’s dive into the captivating world of Bitcoin. Despite looming economic challenges, investment firm VanEck predicts an exhilarating journey for Bitcoin in 2024. Let’s explore these forecasts and their implications for the crypto market! 🧐💼

Recession Resilience and Bitcoin’s Growth:

VanEck anticipates a U.S. recession in 2024, but this won’t hinder Bitcoin’s ascent. They predict that approvals of spot Bitcoin ETFs and the halving event will propel Bitcoin to all-time highs by Q4. This outlook presents a bullish scenario for Bitcoin, even amidst economic downturns.

Halving Event and Market Implications:

The fourth Bitcoin halving is set for April 2024. Historically, halving events have led to significant price increases, and this time is expected to be no different. VanEck analysts predict Bitcoin will rise above $48,000 post-halving,

A Potential Peak in Bitcoin’s Value:

VanEck’s analysis suggests that Bitcoin could climb to a “Presidential-sized wall of worry” in the U.S. election year, potentially reaching an all-time high by November 2024. They even speculate that if Bitcoin hits $100,000 by December, Satoshi Nakamoto could be named Time Magazine’s ‘Man of the Year’ .

Binance’s Spot Trading Position and NFTs:

2024 could see Binance lose its top spot in crypto exchange by spot trading volume. Analysts expect a rise in decentralized exchange trading and a significant rebound in NFT activity, with top collections on Ethereum and new Bitcoin-based offerings attracting speculators.

The road ahead for Bitcoin and the broader crypto market is filled with exciting possibilities. VanEck’s forecasts highlight Bitcoin’s resilience and potential growth, even in the face of economic challenges. 🌍💬

1. #BitcoinForecast2024
2. #CryptoEconomicTrends
3. #BTCvsRecession
4. #HalvingEvents
5. #Prediction

This content should not be construed as financial advice.