Sven Henrich, the founder and lead market strategist at NorthmanTrader, in a recent note has said that there is still a possibility for the price of Bitcoin (BTC) to further drop down. According to him, it is crucial for Bitcoin (BTC) to reach new highs in February, 2020. Otherwise, the leading cryptocurrency could result in a bearish reversal last seen during early 2018. The market analyst has predicted that the flagship cryptocurrency could fall back to $6,400 in 2022. Bitcoin Could Drop Down to $6,400 in 2022 Sven Henrich sees that the current market performance of Bitcoin (BTC) is extremely similar to that of early 2018 when the cryptocurrency was gearing up for its historic bear market. He pointed out that if the structure takes the similar path from the highs of 2017, the cryptocurrency could target the next low. Failing to hold the support, the confluence interjection of key trend lines could result in Bitcoin (BTC) dropping down to $64,00 in 2022. Despite the market analyst bullish views on the cryptocurrency for the long term, he still believes Bitcoin (BTC) is moving closer to a critical point in the current bull cycle. Bitcoin Needs to Break Above the $45,000 Level Henrich has predicted that Bitcoin (BTC) is at a risk of forming a monthly rejection candle and a lower high in the following month. That pattern itself was the deal breaker for the cryptocurrency’s previous bull run. In case the pattern again repeats itself, traders have to prepare for a potential bearish divergence, despite Bitcoin managing to attain new highs. According to him, it is extremely crucial for the price of Bitcoin (BTC) to break above the $45,000 level to rise above the 3.618 Fibonacci level. After finding strong support at the 2.618 Fibonacci level during the two latest corrections in January 2021, a third correction could result in a larger pullback. Hence, a new ATH could protect against a new bearish reversal, last seen in a similar pattern to 2018.
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