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COINTURK NEWS > Bitcoin (BTC) > Expert Warns Bitcoin Investors of Potential February Downturn
Bitcoin (BTC)

Expert Warns Bitcoin Investors of Potential February Downturn

In Brief

  • Eric Krown Crypto cautions about a possible dip in February.

  • Bitcoin may be heading for a sixth green candle, says Krown.

  • Key levels to watch as BTC faces critical decision phase.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Popular analyst Eric Krown Crypto warned Bitcoin (BTC) investors that February could be a month of decline. In a recent analysis video, Krown mentioned how Bitcoin has been performing well, including five green candles since September 2023, one of which has not closed yet.

Contents
Shared Potential ScenarioIssued a Downturn Alert

Shared Potential Scenario

Looking back, Krown noted that there is usually a tendency to light three more green candles in a row after a green month before lighting a red one. Currently, Bitcoin has lit five green candles since September 2023, including this month’s unclosed candle, and according to the analyst, it may be heading towards lighting a sixth green candle.

However, Krown pointed out some signs on the monthly chart that indicate indecision in Bitcoin and potentially a reversal of the trend. Considering Bitcoin’s rapid rise since September without much retracement, he added that February could be a correction month.

Looking at the five-day Bitcoin chart, Krown highlighted the extremely low volatility and the stochastic momentum setup signaling a downward trend. Anticipating a potential short-term rally exceeding $44,000 or $45,000 before a more likely downward movement, the analyst emphasized the importance of the $46,000 level as a confirmation point for a real uptrend.

Issued a Downturn Alert

Krown expects Bitcoin to take a breather and possibly fall to around $40,000 before potentially rising again. Reminding to be cautious and watch key levels for confirmation of where Bitcoin could head, the analyst expects a worst-case scenario drop to around $28,000.

According to the analyst, BTC is currently at a major decision stage. It has dropped 12% from last month’s high and now faces the risk of breaking the critical $40,000 support. The $40,000 level pointed out by Krown has strongly supported Bitcoin in the past and gave some hope for a possible trend reversal. However, if Bitcoin falls below $40,000, the next strong support level is around $30,000, which corresponds to a significant drop.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 5 February, 2024 - 1:06 pm 5 February, 2024 - 1:06 pm
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