Price Analysis

Bitcoin Broke Pivot Levels, How Low BTC Price May Plunge Amid Probable WWIII Between Russia & Ukraine

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Feb 24, 2022

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Highlights

    Bitcoin price marked the monthly lows by plunging more than 11% within the past 24 hours amid the uncertainty over the war-like conditions

    The plunge could be continued and more worst levels may be witnessed in the next 24 to 48 hours, dragging the target close towards $30,000

The Q3 and Q4 of 2021 had extracted a huge amount of value from the entire cryptomarket. The market capitalization which was hovering close to $3 trillion has slashed by nearly 50% and is currently around $1.5 trillion. With the intensifying external pressure on the stock and the crypto markets, the prices are slashing to the lowest support and expected to continue throughout the present trading day. 

 No sooner than Russian President Valdamir Putin declared a special military operation in Ukraine, the BTC price started to drop by more than 11%. Many other cryptos also maintained a bearish trend with a double-digit loss.

How Low Bitcoin (BTC) Price Can Go ?

Analysts have been warning of the bearish trend for the BTC price for a long time and also presume the lower target to be around $30,000. And now amid the Russia-Ukraine crisis, Bitcoin and the crypto space have become the victim. And therefore, until and unless the war-like situation prevails, BTC price may tend to maintain a steep downtrend or chop sideways. 

Bitcoin price has earlier broken the crucial support close to $36,800 and is on the verge to test the lower support at $33,188. However, some of the buyers are utilizing the buying opportunity and hence striving to keep up the price above $35,000.

Yet the descending trend appears to be imminent that may drag the price to as low as 29,000. This is one of the crucial support zones and hence if the price fails to sustain at these levels then the downfall may hit the next support at $25,881. 

Also Read : Bitcoin Might Be in Long-Term Bear Market! BTC Price To Decline More. Here’s Why?

Collectively, BTC price does not seem to be stoppable and could continue to plunge hard to visit the lower lows amid the uncertainty. No doubt the buyers may jump in but the market currently may not entertain any longs. And hence the downfall may continue to discover more lows which may also impact the other crypto assets in the market. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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