Bitcoin

Bitcoin Price Continues Downtrend! Fall Below $40k or Moonshot to New ATH?

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Dec 20, 2021

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The crypto market even as the year comes to an end fails to swing back into the green. With Bitcoin, Ethereum, and other altcoins failing to hold ground, analysts predict the bear run is going to last even as we move into 2022. 

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BTC Price Action

Currently, the technicals indicate, Bitcoin price analysis is bearish, and it appears that the world’s largest cryptocurrency does not wish to continue on its positive path. After a month-long sell-off, volumes are low, and the market appears to be dead. 

Following a US Fed statement on inflation rates, the principal cryptocurrency appeared to be substantially more bullish just a few days ago, when it approached $50,000.

However, it was unable to rise above that level and began to lose value over time. As expected, it sank below $46,000 in the following days, but immediately rebounded to $48,000.

Nonetheless, the bears maintained control of the market and pushed the asset lower once more. Bitcoin is currently trading around $46,000, having recently slipped below that level. The nearest major support is around $44,000, which, if broken, will send BTC below $40,000.

Crypto Community Still Bullish

A huge chunk of the community appears to feel that things aren’t as bad as they appear and that a new all-time high will be reached before the $29K lows. 

On Sunday, Pentoshi, a well-known pseudonymous trader, conducted a poll on Twitter, asking the community if they think the BTC price will hit a new all-time high or if $29K will come in first.

With 27,000 votes already cast, the sample size is very reasonable. 60% feel we are on the verge of a new all-time high, while the remaining 40% predict the market will revisit the $29k lows seen in July.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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