Bitcoin price is at a critical point, a breakout is needed to prevent a decline

Bitcoin (BTC), the founder of the crypto world, is the focus of our analysis today. We focus on BTC price prediction for the near future. This article contains analysis from our premium environment.

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Technical analysis Bitcoin (BTC)

Bitcoin has suffered a significant decline but appears to have found support for now. Crypto Insiders analysts recently shared the following in the Premium environment:

“Consistent with our previous update, the situation for BTC remains the same. As expected, BTC has followed the pattern we identified in the previous analysis. Attention now turns to an important moment: BTC has found support at the yellow line, which lies between $38,500 and $39,000.

The question now is whether BTC can break out of this support zone above $40,600. If this happens, an interesting development could occur. Unfortunately, until we see this breakout, we must maintain our pessimistic outlook in the short term.

At the moment we clearly see a downward pattern, namely an ABC Elliott wave. If this decline continues, this pattern would develop into a WXY Elliott wave pattern. We will continue to monitor these developments closely and keep our members informed through updates in our Premium environment.”

Date of analysis: January 24th. Link to trading view:

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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. These therefore serve exclusively educational purposes.

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