Traders supposedly found an area on the chart of the first cryptocurrency, which may indicate an imminent return of the asset to growth. Read in our new LATOKEN review!
In his recent YouTube video, trader Tone Vays said that Bitcoin’s correction might be completed soon. According to the trader, the cryptocurrency has reached the 20-month moving average (MA), which is at the level of $34,000. So perhaps this is the very opportunity to reverse the trend and return the asset to the long-awaited growth.
“The good news that we see on the monthly chart is the fact that we are right on the 20-month moving average. And this is the only area that is ideal for a rebound in the price of Bitcoin,” the analyst said. According to Vays, in the event of a rebound, the Bitcoin price may return to the $40,000 level and consolidate above it.
A little earlier, Morgan Creek Digital co-founder Anthony Pompliano explained in which case a Bitcoin trend reversal could occur, and the coin might return to growth. In his opinion, the price of the first cryptocurrency might be able to recover only in the event of massive purchases of the asset by large buyers. At the moment, investors are not making bulk purchases of Bitcoin, Pompliano explained.
However, do not forget that in our LATOKEN reviews, we often write that when dealing with cryptocurrency, you cannot be 100% sure of anything and listen only to individual opinions. Therefore, it is essential to do your research and stay up to date with all the events.
On January 24, the price of Bitcoin dropped to $32,900 for the first time since July 2021. The cryptocurrency is trading at approximately $35,700 thousand on the LATOKEN crypto exchange, and its capitalization is $632 billion, according to CoinGecko. In early November last year, the asset updated its historical high above $69,000. However, since then, it has fallen in price by 52%.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
