Bitcoin could bottom out at $38,000, according to a trading expert

Bitcoin continues to hover around $70,000 on Monday as it’s about to fall as US-Iran ceasefire negotiations are falling apart. Trump announced to block the Strait of HormuzThis will intensify the conflict and could lead to tensions in the ceasefire talks. This will escalate the conflict, and may lead to tensions within the ceasefire negotiations. Prices can be pushed down by the markets as they again slide into the mudhill of a slippery slope.

Asian markets opened their trading bell on Monday with a red opening. India’s Sensex is down more than 700 pointsThe Nikkei of Japan dropped 400 points. Hong Kong Hang Seng has fallen 300 points. The market is once again in bearish territory. Bitcoin is the first to be hit by the axe that will strike the cryptocurrency market.

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Bitcoin to $38,000 Predicts Expert Trading

Leading market analyst TradingShot shared on TradingViewHighlighting a graph that Bitcoin’s bottom will be $38,000. It will mean a sharp drop of around 45% in its value. “BTC has been within a 6-month Bear Cycle and most likely has another 6 months left. The Fibonacci Channel since 2018 shows that each Bear Cycle extended between at least five Fib levels: 2018 between 0.786 – 0.0 and 2022 between 1.0 – 0.382. The 2022 one was -7% less than 2018, so if this holds, we are looking at the current Bear Cycle to bottom after completing a -70% total decline,” The analyst wrote.

Trading experts predict that Bitcoin will drop to between $47,000-$38,000. Long-term, investors will reap the benefits of taking an initial position at this point. “As a result, we expect Bitcoin’s next Low to be around $47,000 (1W MA350) with a final bottom around $38,000 (1W MA500) being possible, but depends on circumstances that we will monitor weekly and update here when needed,” The analyst summarized the information.