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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Analyst: Forget Bitcoin Hitting $70,000, Prices Must First Fall To This Key Support Level

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Bitcoin

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Bitcoin enthusiasts may need to temper their expectations for a rapid ascent to $70,000. On January 28, a crypto analyst thinks the world’s most valuable coin must fall back to $30,000, a critical support level, before resuming its uptrend.

Bitcoin Must Fall: Path To $30,000?

CryptoCon, a crypto analyst, cites historical price performance to support this assertion. Specifically, the argument is that no Bitcoin cycle has reached its recent high without first revisiting the monthly least square moving average (MA).

Currently, this MA is at $30,358. If past performance guides, CryptoCon believes Bitcoin could likely dip to this level before prices recover sharply.

Historical BTC price performance | Source: Crypto Con on X
Historical BTC price performance | Source: Crypto Con on X

The Bitcoin analyst notes that the MA has consistently acted as a floor for Bitcoin prices, even during periods of high volatility. CryptoCon asserts that the only outlier was the 2019 bear market, triggered by the Black Swan event of COVID-19.

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The analyst further acknowledges that though some observers say Bitcoin has bottomed, further confirmations might be required. Based on CryptoCon’s analysis, insufficient data supports this claim. The analyst asserts that by how prices have behaved in the past, it is highly likely that the coin will drop to as low as $30,000 by February or March. 

A Contrarian Position: Wall Street Accumulating BTC

This prediction may disappoint some Bitcoin holders eagerly anticipating a sharp recovery to $70,000 and beyond. This optimistic preview comes after the United States Securities and Exchange Commission (SEC) recently approved multiple spot Bitcoin Exchange-Traded Funds (ETFs).

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

Though prices fell, pinned to the massive liquidation of Grayscale Bitcoin Trust (GBTC) shares by, among other investors, FTX–the defunct exchange, prices recovered over the weekend. Spot Bitcoin ETF issuers, including Fidelity and BlackRock, have been buying BTC en-masse over the past weeks. Analysts have interpreted this as a net positive for prices. This development might lift sentiment and drive the coin to January 2023 highs soon. 

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However, looking at CryptoCon’s preview, it appears the analyst is taking a contrarian position, expecting prices to move against the general public. Whether this retracement will help anchor BTC and build a more sustainable long-term trend remains to be seen.

Crypto Fear and Greed Indicator | Source: Coinstats
Crypto Fear and Greed Indicator | Source: Coinstats

From the sentiment chart, Fear-and-Greed Index, bulls expect prices to increase in the sessions ahead. According to Coinstats, the index’s reading is 55, up from 50 last week.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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