Since Bitcoin is experiencing high volatility, the crypto community is now predicting that the correction will continue in the weeks to come.
Bitcoin posted a poll yesterday in which it asked if Bitcoin will fall below $32,500 by the end of February to which 55.5% of users responded with yes. 30,255 people took part in the poll. This means that only 44.5% of those who voted believe Bitcoin will remain above $32,500.
Due to this volatility, the market is now searching for just about any support level that could anchor the new rally of the asset.
Crypto trading expert Michaël van de Poppe opinionated that Bitcoin has to break the resistance at the $39,400 to $39,500 level if it wants to keep an upward trajectory. van de Poppe believes that if Bitcoin manages to do that, it will manage to return to the crucial $46,000 level.
Meanwhile, Du Jun, the co-founder of crypto exchange Huobi predicts that the next bull run for Bitcoin will take place in Q4 2024.
The Chief Market Strategist at InTheMoneyStocks.com, Gareth Soloway, believes that Bitcoin will fall all the way to $17,000, although he did mention that this volatility will be last for a short period of time. He also declared that the $46,000 level is critical if Bitcoin is to start another rally.