Bitcoin

Bitcoin Price Downtrend Continues ! Will BTC Price Test $38K This Week?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jan 8, 2022

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Over the last 24 hours, the cryptocurrency market has experienced mixed results. Bitcoin and Ethereum, the market leaders, have remained nearly flat. While Major Altcoins are showing signs of minor recovery.

BTC Price Analysis

Bitcoin has traded in a range of $41,077.45 – $42,181.24, exhibiting low volatility. The entire trading volume has dropped by 29.57 percent to $47.47 billion.

At the time of writing, BTC is trading at $41,262 down by 2.2% in the last 24 hours. The support on the downside is at $41000. However, a major resistance BTC should hit to confirm the bullish bias is at $44K.

Bitcoin to Face More Downside

Bitcoin (BTC) is still falling, according to Galaxy Digital CEO Mike Novogratz.

According to Bloomberg, Novogratz told NBC in a new interview that he believes Bitcoin will bottom out at approximately $38,000 to $40,000 in the near future. 

The CEO of Galaxy Digital is retracting his remarks from last week, in which he predicted that the top crypto by market cap would retain the $42,000 barrier.

According to Novogratz, the US Federal Reserve just indicated it would be decreasing its bond purchases while hiking interest rates, which is a contributing factor to Bitcoin’s drop.

Novogratz says he’ll hold off on buying more cryptocurrencies for a little longer, adding that blue-chip investors are waiting in the wings for their chance to join in. 

Michaal van de Poppe, a popular crypto analyst, has made a similar prediction, telling his Twitter followers that Bitcoin’s important support level is $41,000.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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