Bitcoin Could Fall to US$40,000 and Continue to New ATH. $BTC What is the ATH Target?
Bitcoin (BTC) has again shown concern among investors. The reason is, on Wednesday (4/9/2024) the price of Bitcoin has fallen 5 percent in 24 hours with its position at US$56,590.
In fact, a number of analysts predict a further decline, with a target support point at US$40,000. Even so, some analysts believe that the current position could be a turning point for Bitcoin.
Technical Pattern Predictions and Market Movements
Another analyst with the pseudonym 'Titan of Crypto', sees a technical pattern in the Bitcoin market called "Cup and Handle". This pattern is often considered a sign that prices will rise after a period of consolidation.
"From my perspective, this pattern could make the price of Bitcoin soar to US$110,000 by the end of the year," said Titan of Crypto.
Meanwhile, another popular analyst on social media X, Jelle, stated that an interesting development on the Bitcoin price chart is the formation of a weekly Golden Cross for the first time.
For information, the Golden Cross is a bullish sign that appears when a short-term moving average crosses above a long-term moving average.
"This week, Bitcoin's 100-week moving average surpassed its 200-week moving average," concluded Jelle.
