- The brutal crypto market drop brings several new analysts to draw new conclusions.
- The Bitcoin monthly close could shed new light on the matter.
- Will this week’s close end the continued dumps trend?
The crypto market stands disheartened as the price of Bitcoin (BTC) fell further to the $86,000 price mark. Presently, this price has climbed slightly higher to hit $88,000 but is still a long way away from its latest ATH set last month at $109,114.88. In response to the brutal crypto drop, seasoned analysts show resilience as they continue to hold and show faith in new BTC ATHs in the months ahead.
Brutal Crypto Drop Draws New Analyst Interest
As we can see from the post above, this analyst shares what he expects to be Bitcoin’s next challenge considering the new price dip. In detail, he states that the $91,200 price target will act as the next resistance line. What’s more, he states that a further possible pullback can extend to a year-long average and previous horizontal resistance at $73,700.
In addition, he says that given that we are looking at a weekly scale chart, a weekly close below $91,200 is required to confirm the breakdown. The same patient expectation lies for the pioneer altcoin Ethereum (ETH) as well. Analysts worry that ETH could be facing its worst February if it closes below $2,400 this month.
Bitcoin Monthly Close Approaches
While traders remain anxious over the weekly and monthly close in two days, one analyst shares a bullish take. He says the Bitcoin monthly close is approaching and as long as BTC holds above the 32.2% Fibonacci retracement level, then the bull run will remain intact. Indeed, the close should bring new light and hope for the end of this prolonged dump phase.
