Bitcoin (BTC) Price Might Drop To $25k Level If This Happens! What Can Traders Expect?

The post Bitcoin (BTC) Price Might Drop To $25k Level If This Happens! What Can Traders Expect? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

After Russian President Vladimir Putin made a bold statement amid escalating tensions on the Russia-Ukraine border, Bitcoin and other cryptocurrency values plummeted, putting the global crypto market in the red. 

Bitcoin Price Analysis 

Bitcoin is struggling to recover above the $38 resistance zone. At Press time the flagship currency is trading at $38,085.41 with 3% gains.

To gain bullish momentum, the BTC/USD price must settle above the $38,800 level. If this happens, the BTC price might move above the $39,500 resistance.

However, on the downtrend, the major support is near the $37,000 level. If there is a downside break below the $37,000 support zone, the price might gain bearish momentum for a move to $36k to $35K Level.

Another sell-off Incoming for BTC?

Tone Vays, a seasoned trader, warns Bitcoin (BTC) investors that the main cryptocurrency is on the verge of another sell-off. Vays claims that Bitcoin’s price movement and technical indicators are all showing bearish signs in a fresh strategy session.

BTC is trading below all moving averages. The [200-day] moving average is about to begin a downward trend. According to him, that’s not a good sign. He further says that this is a dreadful daily graph and it’s not looking good if this candle closes below $38,500.The arrow [pointing to $25,000] appears to be reasonable.

Although he says that there’s a chance the [50-day] moving average will snap back. The coin could be double bottoming again at $36,500, and then this calamity could happen.

Vays, who is bearish on Bitcoin in the short to medium term, the senior analyst believes that macroeconomic factors will finally propel BTC above its all-time high.

“In a world of inflation, in a world of tyrannical governments confiscating your money, Bitcoin will eventually break above this double top and break out above the double top with a vengeance. Remember the longer Bitcoin is depressed below $65,000, the more violent the move to the upside is going to be. To me, this is pretty much a fact. When is it going to happen? I don’t know.” 

According to Vays’ chart, Bitcoin will rise to a new all-time high above $100,000.

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