Bitcoin (BTC) price is facing a challenging period in the short term

Bitcoin (BTC) is the focus of our analysis today. We focus on BTC price prediction for the coming period. In this article you will find a technical analysis from our premium environment.

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The rejection of Ripple (XRP) shows that the price can go much lower

Technical analysis Bitcoin (BTC)

Bitcoin is going through a challenging time, Crypto Insiders analysts recently told Premium members. They had already warned last week about this week's decline:

“The market situation for Bitcoin remains challenging. Our attention in the coming period will focus on the yellow dynamic trendline on the chart, which is around $39,000. According to our analysis, it is likely that we will break this line to form the C wave of an ABC Elliott wave pattern.

Despite this downward movement, we expect the price to continue to fluctuate around this line. So, in the short term, we maintain a bearish perspective while looking for interesting levels for possible future moves.

It is important to emphasize that despite the current downtrend, we remain bullish on BTC in the long term. We view this phase as a temporary correction within a larger uptrend.

Date of analysis: January 19th. Link to trading view:

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