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Bitcoin Fake Break-Out, This is Why BTC Price May Hit Potential Low of $30k In Coming Months

Elena R

With the news of Tesla’s CEO Elon Musk Buying Twitter for $44bn the global crypto market saw positive sentiments after consective losses. BTC Price gained pace and was able to clear the $40,000 resistance. It is currently trading $40,520 and is up 3% in a day.

However, the bulls must make the $39,000 support level very firm in order for the Bitcoin price to remain above the $40,000 barrier. If the price drops, the key support will be near $38,500 and below. 

However, if the bulls push the coin to the channel’s upper border, the $41,000 mark would likely act as a big roadblock for Bitcoin in the near future. So, if there is an upside break above the channel, the bulls’ next stop might be at $42,000.

More Downfall For BTC Price !

According to Katie Stockton, founder and managing partner of Fairlead Strategies, Bitcoin (BTC), the world’s largest cryptocurrency, is likely to go below $30,000. 

The failure of BTC Price to retain the $40,000 support level, according to Stockton, is the major bearish driver for another painful selloff. 

She goes on to say that, like the stock market, the cryptocurrency has lost upside momentum. If Bitcoin continues to fall below the critical support level, it will resemble a new bear market rather than a corrective phase. 

On the Bitstamp exchange earlier today, the top cryptocurrency fell to $38,202, its lowest level since March 15. At the time of writing Bitcoin is trading at $40,476 and is up by three percent.

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