What’s the next direction of bitcoin?

Last night, Bitcoin experienced a pullback that caused the price to drop around 10% in less than 24 hours and trade at a monthly low of $ 42,798 before rising slightly to current levels.

Bitcoin price chart | Source: Tradingview

Track price movements, what’s next for BTC? Some market watchers have shed some light on this issue.

David Keller, Chief Strategist at StockCharts.com said:

“While the decline this week is pretty sharp, BTC’s downward trend has been well established since November 2021.

That pattern pushed the price to an early December low of around $ 44,000. The expected support is currently the September 2021 low of around $ 40,000. “

Bitwave Co-Founder and CEO Pat White also commented:

“A bitcoin decay of $ 69,000 is like portraying war, long moments of depression punctuated by days of terror. Obviously, the $ 10,000 difference is remarkable, $ 40,000 should be watched next. “

“It could very well be that there is a pretty stable low in this area – with all cryptocurrencies starting to bounce back over the past year, many companies and institutions were really concerned that they would miss the trip. In addition, investors can also think about tax bills and move on to liquidation / profit-taking. “

In the meantime, Collin Plume, CEO and founder of My Digital Money, has identified several key technical levels: “Bitcoin will see major support at $ 45,000 and resistance at $ 55,000.” Plume also discussed how altcoins are performing affect Bitcoin:

“If we take a step back and look at the bigger picture, Bitcoin’s recent volatility could be related to the rise of altcoins like Solana, NEO and Cardano. These altcoins pique investor interest and create a healthy, competitive market.

I think once things become clear about these altcoins, Bitcoin will regain momentum for this year. “

“If you think today’s move is mostly technical in nature (there isn’t really big news leading up to it and other tokens are holding up pretty well) you will see a lot of people looking forward to getting in. Buy Dip. I expect to see a fairly quick rebound from here, but don’t be surprised if we see rebalancing towards Ethereum, Solana and others, ”concluded Pat White with an optimistic outlook for Bitcoin.

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