How Low Can Bitcoin Price Go? Bollinger Bands Have an Idea
Main Idea
Bollinger Bands analysis suggests Bitcoin's price could potentially drop to $35,000 if the market experiences a significant downturn, though current support levels are around $116,300.
Key Points
1. Bitcoin has slipped below its 20-day average support level at around $118,100, with the next support at $116,300.
2. If the decline becomes more aggressive, Bitcoin could fall toward $112,000, aligning with the outer limit of expected volatility.
3. The weekly Bollinger Band lower limit is currently around $76,000, while the monthly lower band sits at $35,000, representing a potential technical bottom in a severe market downturn.
4. Bollinger Bands do not predict price direction but outline the upper and lower bounds of volatility based on current market conditions.
Description
Bitcoin's worst-case scenario deeper than you think, Bollinger Bands reveal
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