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, raising concerns about the prospects of the ongoing bull run and the overall bullish market structure. However, there are indications that the bottom of the current downtrend may be near, potentially setting the stage for a potential price reversal. Bitcoin Price To Avoid Plummeting To Low $30,000s Market analyst Marco Johanning sheds light on the situation, offering insights into the Bitcoin price movement. Johanning suggests that it won’t be long until Bitcoin reclaims the $41,500 level or potentially rises from a lower level if a specific scenario unfolds. 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. Related Reading: JP Morgan Reveals Likelihood Of Spot Ethereum ETFs Getting Approved Moreover, Johanning addresses the skepticism surrounding the price of around $37,800, arguing against widespread expectations of a drop into ..
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