The Bitcoin The (BTC) price is quite volatile today. This afternoon, the coin rose to a high of $43,300, up several percent. After hovering around this amount for a few hours, the price is now crashing back down to $41,900. However, this does not change the fact that an increase is expected in the near future.
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Crypto analyst expects Bitcoin price to fall but misses the mark
At the time of writing, one Bitcoin is selling for $41,930. The currency has been rising for most of the day, reaching almost $43,000. A key analyst has made a prediction about what will happen based on the latest data course will do it in the near future.
Crypto analyst Ali_charts explained on X (formerly Twitter) how the price will develop in the near future. In his opinion, Bitcoin is one of the most important Support zone fell to between $41,200 and $42,200. According to him, this dip is causing people to sell to avoid further losses. As a result, Bitcoin could fall to the next support zone between $37,500 and $38,700 in the near term.
#Bitcoin has slipped below a key supply zone that lies between $41,200 and $42,400. 1.87 million addresses had accumulated in this area, i.e. 730,000 $BTC.
This downturn could prompt these holders to sell to cut losses.
As selling pressure increases, watch out for a possible decline… pic.twitter.com/aTX1RWarkb
– Ali (@ali_charts) December 18, 2023
A lot has happened between the time he wrote his analysis and the current state of affairs. Bitcoin has once again risen significantly above the support zone indicated by Ali. The currency has currently fallen back to the corresponding zone, but Bitcoin is no longer below it. The implied decline expected by Ali has therefore deviated.
Is a Potential Surge Coming for Bitcoin?
Instead of one predicted by Ali Selling pressure is exactly that Buying pressure gone up. Because the available Bitcoin supply has been used up Crypto exchanges has fallen, demand is greater than supply. This is one of the reasons for Bitcoin’s rise.
An important Resistance for Bitcoin is $43,500. This value seems difficult for Bitcoin to break through. If this value is broken, a strong price increase can be expected.
Furthermore, the market sentiment around Bitcoin is also positive. Bitcoin’s popularity remains high, which is a… bullish signal is. If the rising popularity causes Bitcoin price to break through the $43,500 mark, a value of $45,000 is quite possible. If not, expect to pay between $42,000 and $43,500.
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