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The Bitcoin price has crashed more than 40% from its previous highs but we believe this sell-off might just be over!
Right now Bitcoin is testing a key support region on the 4-hour timeframe. This region has played a crucial role in the Bitcoin bullish trend on numerous occasions and might continue to do so in the coming days.
In this Bitcoin analysis, we will be talking about this $39,974 key region as well as our bias for Bitcoin in the coming days.
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Bitcoin Key Support!
The Bitcoin price is currently trading at key support on the 4-hour timeframe. This support $39,974 support region has served as major sell stoppers in the past and might do so again soon.
If this level holds, there is a very high probability that we might see Bitcoin bounce and rally higher in the coming days. This would be a repetition of what we have seen play out on multiple instances in the past
Bitcoin Bullish Target!
For the bullish target, there is a very high probability for the BTC price to rally to the $52,838 price region before encountering any major resistance on the 4-hour timeframe.
This is a 24% price move and is very likely in the coming days. But for this bullish prediction to remain valid, Bitcoin must respect and continue to trade above the $39,974 key support on the 4-hour timeframe.
Final Verdict!
The Bitcoin price is currently trading at key support on the 4-hour timeframe. If this key level holds, there is a very high probability that we might see the current sell-off we are witnessing on Bitcoin stop and for the Bitcoin price to reverse and begin surging back higher in the coming days.
However, if this $39,974 level gives way, there is a very high probabiity that Bitcoin will only sell off a bit more.
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