2024-9-27 12:30 |
Top crypto analyst Altcoin Sherpa has issued a cautionary analysis, warning that Bitcoin (BTC) could face a price drop to $40k. In a tweet, Sherpa highlighted a bearish trend in Bitcoin’s price movement, indicating a possible downward trajectory as market momentum fades.
According to Altcoin Sherpa, the chart analysis of Bitcoin’s recent price behavior indicates a drop to $40k. In his tweet, “$BTC: Bearish price action, see you guys at 40k,” he expresses his view on the short-term future of Bitcoin.
$BTC: Bearish price action, see you guys at 40k. Kole was right. pic.twitter.com/FKnILB5RRc
— Altcoin Sherpa (@AltcoinSherpa) September 26, 2024The chart reveals a consistent failure to sustain upward movement, with prices falling after multiple resistance tests. This pattern indicates growing market weakness, raising concerns among traders.
Bitcoin’s price has had difficulty breaking over the crucial resistance area around $44k and $64k, which has been a barrier for months. A downward trend has emerged from the inability to sustain the upward momentum, and the chart indicates that BTC may reach $40k in the upcoming weeks.
Technical Analysis Supports Bearish OutlookAltcoin Sherpa’s analysis highlights several technical indicators that support his bearish forecast. One of the key observations is the lack of buying interest, as evidenced by the volume bars at the bottom of the chart. These bars show fluctuating activity but no strong signs of a potential reversal or sustained upward movement.
The chart also illustrates a black arrow pointing downward, projecting Bitcoin’s price to the $40,000 level. This projection aligns with the repeated failures to break through higher resistance levels, suggesting that the market may be bracing for further declines.
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Analyst’s Commentary and Market ReactionAltcoin Sherpa’s tweet and chart analysis have sparked discussions among Bitcoin traders. Besides, the anticipation of a price dip to $40,000 has generated caution in the market.
Sherpa’s analysis, based on technical factors, points to the possibility of continued downward pressure unless market conditions shift substantially.
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The post Elite Crypto Analyst Warns Bitcoin (BTC) Price Could Dip To $40K: Here’s His Outlook appeared first on CaptainAltcoin.
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