{"id":35390,"date":"2024-01-23T22:52:47","date_gmt":"2024-01-24T02:52:47","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=35390"},"modified":"2024-01-23T22:52:47","modified_gmt":"2024-01-24T02:52:47","slug":"expert-analysis-six-factors-suggest-bitcoin-price-wont-drop-below-37800","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/23\/expert-analysis-six-factors-suggest-bitcoin-price-wont-drop-below-37800\/","title":{"rendered":"Expert Analysis: Six Factors Suggest Bitcoin Price Won\u2019t Drop Below $37,800"},"content":{"rendered":"

In the past month, the Bitcoin price has experienced a significant decline after reaching a 22-month high of $49,000. Currently, the largest cryptocurrency has fallen below the crucial $40,000 mark<\/a>, raising concerns about the prospects of the ongoing bull run and the overall bullish market structure.\u00a0<\/p>\n

However, there are indications that the bottom of the current downtrend may be near, potentially setting the stage for a potential price reversal.<\/p>\n

Bitcoin Price To Avoid Plummeting To Low $30,000s<\/h2>\n

Market analyst Marco Johanning sheds light on the situation, offering insights into the Bitcoin price movement. Johanning suggests <\/a>that it won\u2019t be long until Bitcoin reclaims the $41,500 level or potentially rises from a lower level if a specific scenario unfolds.\u00a0<\/p>\n

According to Johanning, Bitcoin will finally encounter significant liquidity on the downside. Notably, the price has touched around below $39,000 multiple times, indicating the presence of substantial liquidity at these lows.\u00a0<\/p>\n

Moreover, Johanning addresses the skepticism surrounding the price of around $37,800, arguing against widespread expectations of a drop into the low $30,000 range.\u00a0<\/p>\n

Johanning emphasizes that the primary liquidity lies below $40,000 and is not in the low $30,000 range. Traders profited from the low $30,000 range have likely adjusted their stop orders<\/a> to protect their gains, creating a layer of support below the recent equal lows.\u00a0<\/p>\n

As the price starts hitting these stop orders, automatic selling occurs, further down the price until it encounters significant buy pressure. The analyst points out a daily order block at $37,700 and high timeframe (HTF) support at $38,5000, indicating the potential for notable buy pressure in these price regions.\u00a0<\/p>\n

Johanning also highlights the likelihood of filling Chicago Mercantile Exchange<\/a> (CME) gaps and Imbalances, with the next imbalance anticipated below $33,000.<\/p>\n

Short Squeeze Rally Imminent?\u00a0<\/h2>\n

According to Johanning, the prevailing sentiment reveals many bears waiting to short a market dump<\/a>. Johanning predicts that a short squeeze could occur once the price reverses, leading to a rapid price increase.<\/p>\n

In terms of Fibonacci retracement levels, Johanning suggests that since the Bitcoin price has already lost the $40,200 level, it could potentially fall to the 0.5% Fibonacci level, which coincides with those above the $37,800 level.\u00a0<\/p>\n

Johanning speculates that the price may briefly touch $37,800 before closing above the HTF support level of $38,500, setting the stage for a potential upward movement.<\/p>\n

The recent downtrend <\/a>in Bitcoin\u2019s price has raised concerns about continuing the bull run. However, market analyst Marco Johanning presents several key arguments supporting the possibility of a price reversal.\u00a0<\/p>\n

With Bitcoin\u2019s current price at $38,900, there is a possibility of increased buying pressure in this region. The support wall at $38,5000 has demonstrated resilience thus far, and its performance will be closely observed.\u00a0<\/p>\n

If the support wall fails to hold, the market will observe how the $37,800 price level performs and whether it aligns with the analyst\u2019s thesis.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In the past month, the Bitcoin price has experienced a significant decline after reaching a 22-month high of $49,000. Currently, the largest cryptocurrency has fallen below the crucial $40,000 mark<\/a>, raising concerns about the prospects of the ongoing bull run and the overall bullish market structure.\u00a0<\/p>\n

However, there are indications that the bottom of the current downtrend may be near, potentially setting the stage for a potential price reversal.<\/p>\n

Bitcoin Price To Avoid Plummeting To Low $30,000s<\/h2>\n

Market analyst Marco Johanning sheds light on the situation, offering insights into the Bitcoin price movement. Johanning suggests <\/a>that it won\u2019t be long until Bitcoin reclaims the $41,500 level or potentially rises from a lower level if a specific scenario unfolds.\u00a0<\/p>\n

According to Johanning, Bitcoin will finally encounter significant liquidity on the downside. Notably, the price has touched around below $39,000 multiple times, indicating the presence of substantial liquidity at these lows.\u00a0<\/p>\n

Moreover, Johanning addresses the skepticism surrounding the price of around $37,800, arguing against widespread expectations of a drop into the low $30,000 range.\u00a0<\/p>\n

Johanning emphasizes that the primary liquidity lies below $40,000 and is not in the low $30,000 range. Traders profited from the low $30,000 range have likely adjusted their stop orders<\/a> to protect their gains, creating a layer of support below the recent equal lows.\u00a0<\/p>\n

As the price starts hitting these stop orders, automatic selling occurs, further down the price until it encounters significant buy pressure. The analyst points out a daily order block at $37,700 and high timeframe (HTF) support at $38,5000, indicating the potential for notable buy pressure in these price regions.\u00a0<\/p>\n

Johanning also highlights the likelihood of filling Chicago Mercantile Exchange<\/a> (CME) gaps and Imbalances, with the next imbalance anticipated below $33,000.<\/p>\n

Short Squeeze Rally Imminent?\u00a0<\/h2>\n

According to Johanning, the prevailing sentiment reveals many bears waiting to short a market dump<\/a>. Johanning predicts that a short squeeze could occur once the price reverses, leading to a rapid price increase.<\/p>\n

In terms of Fibonacci retracement levels, Johanning suggests that since the Bitcoin price has already lost the $40,200 level, it could potentially fall to the 0.5% Fibonacci level, which coincides with those above the $37,800 level.\u00a0<\/p>\n

Johanning speculates that the price may briefly touch $37,800 before closing above the HTF support level of $38,500, setting the stage for a potential upward movement.<\/p>\n

The recent downtrend <\/a>in Bitcoin\u2019s price has raised concerns about continuing the bull run. However, market analyst Marco Johanning presents several key arguments supporting the possibility of a price reversal.\u00a0<\/p>\n

With Bitcoin\u2019s current price at $38,900, there is a possibility of increased buying pressure in this region. The support wall at $38,5000 has demonstrated resilience thus far, and its performance will be closely observed.\u00a0<\/p>\n

If the support wall fails to hold, the market will observe how the $37,800 price level performs and whether it aligns with the analyst\u2019s thesis.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35390","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35390"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35390\/revisions"}],"predecessor-version":[{"id":35400,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35390\/revisions\/35400"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35390"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}