Skip to main content

Bitcoin (BTC) Drop to $39,200: Another Bear Market?

 


The cryptocurrency market fell further on April 11 as rising inflation, the prospect of more rate hikes by the US Federal Reserve and fears of a global food shortage put pressure on global financial markets .


Data shows that bears broke the $42,000 support on Monday, taking bitcoin ( BTC ) to a daily low of $39,200. Several analysts expect a further decline in the short term.


What are analysts saying about the April 11 dip and can traders expect more declines in the coming days?


$40,000 critical mark

The drop below $40,000 has already been predicted by market analyst Michaël van de Poppe. On April 10th, he posted the chart below where he highlights the strong move in Bitcoin. However, he also warned "it's the weekend and we have yet to break that resistance zone".

After the April 11 drop, van de Poppe posted a follow-up tweet commenting on the rejections at $43,000 and providing insight on what supports to watch next. The trader believes the "green zone" between $43,000 and $44,000 must become support to sustain the upside momentum. 


This bear market is 'different'

DeFi advisor and trader "McKenna" posted the chart below, where he takes a look at Bitcoin price action since April 2021. McKenna commented, "this is the weirdest bear market I've ever seen".


McKenna further explained:


“I don't even think we'll go below $30k, I'm expecting more choppy prices in that area, which is bad enough. I just need to sit back and let my altcoins run.”

Similarly, crypto analyst 360Trader posted the chart below, which shows the consolidation range that Bitcoin has been in since last November.


"Bitcoin consolidation continues. Leveraged positions have the upper hand. Float is still drying up. This won't go on forever. Just put band-aids on it and move on."

In this context: Bitcoin price continues to lose, BitMEX boss warns of crash to 30,000 US dollars


What's next for Bitcoin?

Philip Swift, market analyst and founder of LookintoBitcoin, gave a final insight into the future of the Bitcoin course. He posted the chart below showing the recent rejection from the 1-year moving average.

According to Swift, the 1-year moving average has “served as a linchpin for bull and bear markets throughout Bitcoin's history.”


Swift explained:


"You can't really call it a bull market unless we convincingly pull back above the 1-year MA."

The total market cap of all cryptocurrencies is now $1.874 trillion and Bitcoin’s market share is 41.4 percent.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more