Chart watchers believe the price of Bitcoin is likely to fall back to $40,000 while others say the market is primed for a bounce back, Bloomberg reported.
- Evercore ISI Director Rich Ross expects prices to fall back to the 200-day moving average in line with speculative assets, pulling Bitcoin down to $40,000.
- Tallbacken Capital Advisors LLC Chief Executive Officer Michael Purves said the momentum has “shifted to the bears.” He forecasted Bitcoin’s decline in April.
- The CEO said the market should watch out for the $42,000 level where the rally capped in January. This is also a 50% retracement from the levels recorded in the last month of 2020.
- Purves said Bitcoin could fall further if its breaks through $42,000 but a new rally could start if prices hold above it.
- Fundstrat Global Advisors Strategist David Grider believes Bitcoin is close to the bottom, and prices are likely to bounce as corrections are normal in bull markets.
- Anchorage Digital bank President Diogo Monica said prices are investors are looking at the current prices as a good entry point.
- Bitcoin was last trading down 2.73% to $43,201.79 at 3:03 p.m. GMT.