- Cryptocurrency analyst and proponent Mike Novogratz has predicted that Bitcoin price could bottom out at $40,000.
- Key Bitcoin indicators suggest a further downside in price as the asset loses key support at $42,000.
- Proponents believe institutional investors could continue accumulating Bitcoin at or below $40,000.
Proponents believe that institutional demand for Bitcoin could trigger a drop to $40,000. Indicators suggest further downside in the Bitcoin price trend as the “death cross” appears.
Bitcoin price could bottom at $35,000 according to indicators
Bitcoin price suffered a massive drop over the past two weeks. The last Bitcoin price drop was a 56% correction. Mike Novogratz, the CEO of Galaxy Investment Partners, predicted that Bitcoin price could bottom out at $40,000.
Novogratz believes that there could be a huge institutional demand from investors. Institutions could continue accumulating at $40,000; it supports Bitcoin price. As firms figure out how to add Bitcoin to their holdings, $40,000 is considered a great entry point.
The recent Bitcoin price drop continued to extend below $42,000. According to analysts, Bitcoin price remains at risk of further downside if it stays below the $43,000 level.
Bitcoin price has settled below the 100-hour simple moving average, below $43,000. Analysts have noted that the 50-day exponential moving average dropped below the 200-day, forming a “death cross.” Historically, the pattern has predicted a drop in Bitcoin price.
@BitBitCrypto, a pseudonymous crypto analyst, has predicted that the Bitcoin bear market is in, and a real custody Exchange Traded Fund (ETF) launch could change the price trend.
$BTC
You need to know why we're here to understand what's coming up.
IMO the bear market is here; it's here to stay, but… not for a long time. I expect a real custody ETF to launch this year or the beginning of next year, creating another massive rally beforehand. pic.twitter.com/a3JRbSJubu
— Bitbit (@BitBitCrypto) January 9, 2022