Top Reasons Why Bitcoin (BTC) Price Might Drop To $33K Level

The post Top Reasons Why Bitcoin (BTC) Price Might Drop To $33K Level appeared first on Coinpedia Fintech News

Analyst Austin Hilton discussed the latest bitcoin price prediction and recent positive news in the crypto market. Bitcoin and the overall cryptocurrency market experienced a rise, with Bitcoin gaining nearly 5% at the time of the writing. 

He said the critical factor contributing to this surge was the positive news about the PCE Federal Reserve report, which exceeded expectations. The report, essential for the Federal Reserve’s decision-making on interest rates, showed a better-than-expected 2.9% increase compared to the anticipated 3%. This news positively impacted the crypto market, leading to a price rise.

Hilton shared a bitcoin price prediction, suggesting that Bitcoin could reach $43,000 in the short term. However, he also touched upon the historical patterns, noting that Bitcoin tends to experience a slump before its halving cycles. With the upcoming Bitcoin halving expected in April, a temporary price dip is possible.

Regarding downside risk, Hilton mentioned the potential for Bitcoin to drop to the $33,000 range, stressing that such levels could present a buying opportunity. He expressed his willingness to buy more Bitcoin, especially if prices reach those levels, considering it from a long-term perspective.

Analyst Rekt Capital noted a recovery as expected but pointed out that Bitcoin requires a Weekly Close above the $41,300 Range low to secure the range. The current situation might be a temporary upside deviation within the range, with no definitive evidence yet. The upcoming weekend is anticipated to be interesting in terms of market predictions.

He wrote, “If Bitcoin turns the old Range Low of ~$41300 into new resistance, Bitcoin will fully confirm the breakdown from its range.” At the time of writing, Bitcoin has gained more than one percent and is trading close to the $42k level.