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Bitcoin continues to fall, new uptrend still remains "most likely scenario"



 Bitcoin ( BTC ) continued to slide towards $40,000 on Friday after facing stiff resistance at $44,000.


Next buying opportunity?


The market-leading cryptocurrency on the Bitstamp trading platform had reached an interim high of $44,500 before falling back to a low of $41,780.



Although this development is disappointing for optimistic crypto investors, the experts are not surprised, as a renewed test of the US$ 40,000 mark was recently in the offing.


So, crypto analyst Pentoshi is getting his “wish” for a dip below $42,000, seeing it as a good buying opportunity for investors. Next, he sees a move to $46,000 as a possibility.


However, another “death cross” hovers over the price chart on hopes of BTC/USD heading back into the uptrend.



As Cointelegraph reported , a death cross occurs when a falling 50-day MA moves below the 200-day MA. This constellation is relatively rare and usually indicates an imminent downward trend. Exceptions confirm the rule.


Upward trend still possible

Meanwhile, analysts at crypto trading platform Decentrader remain optimistic about the medium-term price development, although they believe a retracement to the $30,000-$40,000 range is possible.


Still, they believe the nearly two-month downtrend needs to be slowly reversed, even if the backlash is relatively weak this time.


“In our view, the price needs more sideways movement in the $44,000 to $38,000 range before it bounces back up. This sideways movement will be a particular headache for investors trying to get ahead of the market,” the analysts summarize the current situation.


At least the funding rates are slowly turning negative again as market sentiment prepares for further losses. This, in turn, sets the stage for a squeeze that could catapult Bitcoin back up:



“Given Bitcoin's current fundamentals and the length of the current downtrend, we believe a bounce into a new uptrend is the most likely scenario.”

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