With Bitcoin (BTC) plummeting over 7% in the last 24 hours to trade below $37,000, several crypto-related experts have given their views and opinions on what would be the following price action for the world’s largest cryptocurrency by market capitalization.
ImpulseBull, a crypto analyst who provides daily Bitcoin updates on Twitter, said if Bitcoin should break below the 100 weekly moving average (MA), then there is a tendency for the cryptocurrency to revisit 200 weekly MA in the coming days, thus signaling a significant buying opportunity for investors.
Currently, Bitcoin is holding firm on the 100 weekly moving average that provides support in the area of $37500. Now, 200 weekly MA is present at $21,991, which is far away, and there are many possible supports before that. Till Bitcoin holds 100 weekly MA, there are no signs of major price fall.
$BTC still holding the 100 EMA. https://t.co/sM68Xh3VD1 pic.twitter.com/SiAXoKoNof
— ImPulseBull? (@ImPulseBull) February 22, 2022
Ali Martinez, a Bitcoin analyst, took to his Twitter handle to suggest that the cryptocurrency has hit its first level of support of $37,000, as represented by the 200 MA on a 3-day chart.
However, Martinez is not confident whether the price level will hold for BTC. Should things not go as planned, Martinez said BTC might crash below $34,000, where $33,500 would provide excellent support to BTC.
#Bitcoin has reached the first level of support represented by the 200MA on the 3day chart. Let's see if this support level holds or if $BTC will test the TD's setup trendline at $33.500. https://t.co/FWCEG26kdB pic.twitter.com/dnDGOjhZPN
— Ali Martinez (@ali_charts) February 22, 2022
Similarly, Credible Crypto shares a similar opinion as Martinez. According to Credible Crypto, Bitcoin is currently at a support level of between $34,000 and $32,000, adding:
“Big picture- weekly support at 32-34k, still don’t think 28k will be breached, will know more in a few days.”
According to the analysis, the maximum a bitcoin can fall is up to 28K, acting as heavy support for bitcoin. However, the trader is confident that $32-$34 will provide solid support, and it would not be easy for bears to breach this range.
Invalidation pretty much hit at this point- time to reassess. There are a couple of different ways I can see this playing out but want to see some more PA develop for now. Big picture- weekly support at 32-34k, still don't think 28k will be breached, will know more in a few days. https://t.co/0ZcJq8Lh6N pic.twitter.com/TQmp6nnJqa
— Credible Crypto (@CredibleCrypto) February 22, 2022
Michaël van de Poppe, the CEO and founder of Eight Global said that irrespective of the massive downward trend that occurred in today’s early hours, the cryptocurrency is still in the support zone of $37,000.
Technically speaking, #Bitcoin is currently in that support zone.
Only difference; we've had one big jump already and price came all the way down within 12 hours. pic.twitter.com/JnQ8nOABRs
— Michaël van de Poppe (@CryptoMichNL) February 22, 2022
2022 BTC Prediction & How It’s Going
The year has already been filled with several predictions for Bitcoin (BTC) alongside other cryptocurrencies, with several experts making favorable speculation for the asset class.
One of such predictions came from Bitcoin proponent president Nayib Bukele, El Salvador president, who forecast that Bitcoin will hit $100,000 by year-end earlier this year.
Fast forward to the second month of 2022, BTC is far from hitting the $100,000 price mark, as several events have made its price fall 45.6% from its all-time high of $69,044.
The primary scenario that has been a stumbling block to the massive growth of Bitcoin is the heightened tension between Russia and Ukraine.
Earlier today, after supporting the independence of Eastern Ukraine, Russian President Vladimir Putin disclosed in a speech that there would be bloodshed if military action is not stopped in Kyiv.
Following his comments, the price of Bitcoin crashed over 7% for the day, as investors flocked to safety, converting their BTC holdings to stable coins.
Yes. pic.twitter.com/UMtjEfMUHG
— Michaël van de Poppe (@CryptoMichNL) February 22, 2022
Per data from LookintoBitcoin, the Bitcoin Fear and Greed Index currently scores 20/100, representing extreme fear among traders.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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