March 28, 2024

CEX blog. IO | Bitcoin rate may drop to $13,000

What to expect the bank next, commented Ryy Mazur, head of data analysis at CEX. IO Broker

OnCurrently, the Bitcoin rate has dropped to $18,000, that is, it has corrected by almost $2,000 from the highs reached earlier this year.

It's too early to talk about investor commitmentnegative developments in the crypto market. From a technical point of view, both positive and negative scenarios are now equally likely. What matters is how Bitcoin closes at the end of this week. If it stabilizes around $18,000-$19,000, it will likely need to wait for additional technical or fundamental signals. However, BTC/USD will still tend to decline and the likelihood of further price declines will increase slightly.

If the BTC/USD rate at the end of the week turns out to benear the current levels or lower – in the area of ​​$17,000-18,000 – then we can actually talk about a further, more significant correction to the levels of $15,000 or lower – in the area of ​​$13,000.

Resumption of the bullish trend is possible only ifreturn of BTC/USD quotes to the area of ​​$19,800-20,000. At the same time, it is critical that Bitcoin is able to maintain these levels at the weekly close. If a positive scenario is triggered, it is quite likely that the main cryptocurrency will rise to $23,000-25,000.

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