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Sunday, May 22, 2022

Bitcoin Price Could Drop To $38K

According to data that was received from TradingView and Cointelegraph Markets Pro, it has been understood that the price of Bitcoin could go down. This would be due to market bears attempting to challenge the major lows which were set on the 5th of January, which further brought the price of the cryptocurrency down to $42,439 during the early hours of trading on the 6th of January.

This has been the fallout from the hawkish comments made by the Federal Reserve about increasing the rate of interest as soon as March started weighing pretty heavily on the cryptocurrency market on the 6th of January. The index of Crypto Fear & Greed has been diluted to 15 and most traders have been lamenting the possible start of a bear market that could extend indefinitely. 

Bitcoin’s Price Trajectory Has Been A Cause Of Worry 

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According to Mike Novogratz, the CEO of Galaxy Digital Holdings, and a staunch advocate of cryptocurrency, this latest movement of Bitcoin price has been on low volume and this does highlight the fact that there is quite a tremendous amount of demand institutionally from the sidelines.

As for whether the CEO does see the current conditions of the market as a good buying opportunity, the experienced trader did inform CNBC that he has been waiting for just a little longer to buy cryptocurrency- suggesting that the market will definitely be volatile over the next couple of weeks. 

Rekt Capital also came forth and offered a closer look at the recent price action of Bitcoin, which posted a chart that compares all the current conditions of the market to those that were prevalent the last time the price of Bitcoin went below the 50-day exponential moving average. 

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As reported by this famous Twitter crypto analyst, Bitcoin has gone ahead and deviated below the blue 50 EMA and is currently in the process of trying to bring about a new higher low as is represented by the green dashed line. 

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