Todd Bishop
Bitcoin has been on the bearish trend for a while now and many professional analysts are speculating Bitcoin to hit pretty low support levels this year.
On the other hand, we see a bullish divergence and many crypto investors and Youtubers pushing and vouching for Bitcoin price to go up. Yet, if we take a closer look at the promotions we see about Bitcoin on the internet, it might not be as real as it is presented. Always do your own research (DYOR) before investing in cryptocurrencies.
Why is it that Youtubers promoting Bitcoin to the moon might not be entirely right. When it comes to Bitcoin price we should be looking at multiple indicators, and multiple support lines throughout all the history of public Bitcoin trading.
There are clear technical analytical analysis that support theories of Bitcoin actually crushing down very possibly under $40,000 in the near term, yet if we break the $40,000 support, it is highly expected the Bitcoin will keep dropping down to $30,000 and perhaps even $20,000 if the $30,000 won’t hold. Yet if the $20,000 won’t hold either, we may even see Bitcoin at $16,000. Is this all possible?
Based on the recent Bitcoin trading, superstar Youtubers have been pushing Bitcoin for new all time highs going over $100,000 and even $150,000 in 2022. However, according to professional analysts and traders, 2022 won’t be the moon year for Bitcoin.
Professional analysts confirm that we are though in a bullish divergence in the short term, however in the longer run Bitcoin is still in bearish market. Bitcoin has been going a lot in sideways in 2022, yet it still does not break the resistance levels to indicate breaking the bearish lines for the upside trend. We do see Bitcoin bouncing though between $40-45,000, yet the bounce is happening inside the downtrend bear zone.
Today on Monday April 11, Bitcoin hit $41,000. Based on professional technical analysis Bitcoin is expected for a strong bounce but most likely not higher than $44,500. Right after the bounce Bitcoin will most likely get rejected on the resistance and then keep going down again. Day traders who are trading futures or spot between $40-45,000 levels can benefit the most out of this but its still risky when it comes to futures.
According to professionals shorting Bitcoin on futures with levels from $47-48,000 would have been the wisest choice. It is expected for Bitcoin to hit $30,000 by June 2022. It cannot be certain but a strong estimate by professionals indicate that before going to new all time high, Bitcoin has to take a big short.
