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Thursday, May 26, 2022

🎓 Here’s why Bitcoin could drop to $33,000

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Bitcoin (BTC) managed to maintain an uptrend over the past week, although it could experience a slight pullback.

One of the important levels to watch in bitcoin price is the resistance around $41,900 because it is the neckline of the double bottom pattern.

Therefore, if the coin breaks below these levels, we may soon see a big sell-off near the lower support level.

According to a famous analyst, the price of Bitcoin may fall below $35,000 to $33,000.

It is worth noting that just prior to the May 2021 crash, reserve balances on stock exchanges had been severely depleted for a long time.

Balances on stock exchanges are currently at levels similar to those of November 2018, and on several previous occasions, the balance had broken these levels and rebounded strongly as price continued to run down.

Hence the chances of the coin breaking down towards the lower support level as the balances on the stock exchanges are about to rise due to the big sell-off.

As after that, bitcoin price is likely to drop towards lower support levels, and if this continues, the price of the coin is expected to pull back towards the $33,000 support level very soon.

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