{"id":554701,"date":"2023-02-21T19:33:04","date_gmt":"2023-02-21T16:33:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-can-hit-40k-before-btc-price-sees-harsh-correction-analyst\/"},"modified":"2023-02-21T19:33:04","modified_gmt":"2023-02-21T16:33:04","slug":"bitcoin-can-hit-40k-before-btc-price-sees-harsh-correction-analyst","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-can-hit-40k-before-btc-price-sees-harsh-correction-analyst\/","title":{"rendered":"# Bitcoin can hit $40K before BTC price sees \u2018harsh correction\u2019 \u2014 Analyst"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2787aaa3230\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2787aaa3230\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-can-hit-40k-before-btc-price-sees-harsh-correction-analyst\/#%E2%80%9D_Bitcoin_can_hit_40K_before_BTC_price_sees_%E2%80%98harsh_correction_%E2%80%94_Analyst_%E2%80%9C\" >&#8221; Bitcoin can hit $40K before BTC price sees \u2018harsh correction\u2019 \u2014 Analyst &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-can-hit-40k-before-btc-price-sees-harsh-correction-analyst\/#BTC_price_skids_lower_with_US_stocks\" >BTC price skids lower with U.S. stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-can-hit-40k-before-btc-price-sees-harsh-correction-analyst\/#BTC_price_corrections_%E2%80%9Crelatively_shallow%E2%80%9D\" >BTC price corrections \u201crelatively shallow\u201d<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_can_hit_40K_before_BTC_price_sees_%E2%80%98harsh_correction_%E2%80%94_Analyst_%E2%80%9C\"><\/span>&#8221; Bitcoin can hit $40K before BTC price sees \u2018harsh correction\u2019 \u2014 Analyst &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) faced selling pressure at the Feb. 21 Wall Street open as United States\u2019 stock markets opened down.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/011f1e8c-1ad4-43cf-8b87-4ee3a164fe13.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_skids_lower_with_US_stocks\"><\/span>BTC price skids lower with U.S. stocks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD dipping to daily lows of $24,324 on Bitstamp.<\/p>\n<p>Bearish signals were already in for the pair after it saw swift rejection during its latest attempt to flip $25,000 to support.<\/p>\n<p>Amid suspicions over whale movements on exchanges, monitoring resource Material Indicators concluded that the 200-week moving average (MA) at $25,100 needed to become support for Bitcoin to change its long-term trend.<\/p>\n<p>\u201cIMO, until we see full candles above the 200 WMA this is still distribution in a bear market rally, and with the bid wall above $24k, shorting from this level has about as much short term risk as longing,\u201d it\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1628014926886305793\">wrote<\/a>\u00a0in part of comments in its latest <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> update.<\/p>\n<p>An accompanying chart of the Binance order book showed liquidity moving closer to spot price prior to the Wall Street open.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/8c096fe8-ed06-48ca-9c2d-112db13e397e.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/figcaption><\/figure>\n<p>Caleb Franzen, senior market analyst at Cubic Analytics, meanwhile, had a bearish prognosis for the S&amp;P 500 in particular, with risk asset performance still liable to weigh on crypto.<\/p>\n<p>\u201cThe S&amp;P 500 is g<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing lower, trading decisively below my $4,080 line in the sand,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CalebFranzen\/status\/1628041227227607041\/photo\/1\">summarized<\/a> alongside a chart on the day.<\/p>\n<blockquote><p>\u201cA retest of the 200-day moving average cloud is likely, which will be a vital support level.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/4a0f9842-17ce-4284-9979-d0488d464ca0.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>S&amp;P 500 annotated chart. Source: Caleb Franzen\/Twitter<\/em><\/figcaption><\/figure>\n<p>The S&amp;P 500 was down 1.3% at the time of writing, while the Nasdaq Composite Index was 1.7% lower.<\/p>\n<p>The U.S. Dollar Index (DXY), despite being broadly inversely correlated with stocks and crypto, also took a hit at the open, dropping to 103.77 before rebounding.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/e4359a06-ddd3-4bc9-9cf7-01751f2cf5a5.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>U.S. Dollar Index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>\u201cUSD higher highs and lows have held through much of Feb. 103.82 as support in DXY, current higher-low,\u201d part of commentary from trader and stategist James Stanley <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JStanleyFX\/status\/1628051138443464708\">read<\/a>.<\/p>\n<p>Stanley additionally noted the minutes from the Federal Reserve\u2019s Federal Open Market Committee (FOMC) as a potential market catalyst. Due on Feb. 22, the minutes reflect the February FOMC meeting, as a result of which the Fed raised its key interest rate by 25 basis points.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_corrections_%E2%80%9Crelatively_shallow%E2%80%9D\"><\/span>BTC price corrections \u201crelatively shallow\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Adopting an optimistic short-term view, meanwhile, Cointelegraph contributor Micha\u00ebl van de Poppe, CEO and founder of trading firm Eight, was confident that the current dip would be a temporary one.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin active addresses \u2018concern\u2019 analyst despite 50% BTC price gains<\/em><\/strong><\/p>\n<p>\u201cMarkets correcting, which is great for people who look for entry points. Might go down a bit more from here before we\u2019ll turn around. Week of consolidating before continuation,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1628051120013598720\">told<\/a> Twitter followers.<\/p>\n<blockquote><p>\u201cFOMC minutes tomorrow as well. Remember, investment wise, still super cheap for Bitcoin.\u201d<\/p><\/blockquote>\n<p>Chart analysis from van de Poppe showed BTC price action acting within a narrowing wedge construction, with a key area of support below stretching to $22,500.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/00f1e49b-54af-454f-9c7c-1caf99e8274d.png\"><\/figure>\n<p>The day prior, his longer-term forecast called for higher highs before a more substantial correction, this nonetheless still apt to take Bitcoin back to $20,000.<\/p>\n<p>\u201cCorrections remain to be relatively shallow. I think that we\u2019ll continue the run towards $35-40K before we\u2019ll have a harsh correction, maybe even to $20-25K. Maximize profits, start allocating towards $USDT the higher we come, buy on the correction in second half of 2023,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1627643956799438850\">wrote<\/a>. <\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-can-hit-40k-before-btc-price-sees-harsh-correction-analyst\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin can hit $40K before BTC price sees \u2018harsh correction\u2019 \u2014 Analyst &#8220; Bitcoin (BTC) faced selling pressure at the Feb. 21 Wall Street open as United States\u2019 stock markets opened down. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price skids lower with U.S. stocks Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD&#8230;<\/p>\n","protected":false},"author":1,"featured_media":554702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/65affc35-dee5-4233-aee0-7c3bbff71725.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-554701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/554701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=554701"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/554701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/554702"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=554701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=554701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=554701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}