👀 Crypto Trader The Capo predicts another dramatic crash for #Bitcoin 💰forecasting a plunge down to the $12,000 mark in 2024.

#CryptoPilot #BTC #BitcoinPriceDrop #BitcoinPrice2024 #BitcoinPricePredictions

Introduction:
In this comprehensive technical analysis, we examine the current daily chart of Bitcoin, focusing on the Relative Strength Index ( #RSI ) indicator. The analysis aims to identify potential bearish divergence and provide insights into key support and resistance levels, along with possible scenarios for Bitcoin's next moves.
Bearish Divergence Overview:
Upon careful examination of the chart, a noteworthy bearish divergence has emerged. While Bitcoin's price has been forming higher highs since December 22nd (indicated by blue arrows), the RSI indicator has simultaneously formed lower highs during the same period (highlighted by red arrows). This divergence signals a potential weakening of bullish momentum, suggesting the likelihood of an impending pullback or correction.
Key Support and Resistance Levels:
Support Levels:
$40,625: Current daily pivot point.$39,200: Recent high from December 25th.$38,200: 20-day moving average.
Resistance Levels:
$42,377: Current price as of December 30, 2023.$43,000: Psychological resistance level.$44,850: Upper Bollinger Band.
Possible Next Moves and Percentage Chances:
Bullish Scenario (30% Probability):

If Bitcoin maintains support above $42,377, there's a possibility of continued upward momentum, targeting $44,850 or higher. However, this scenario seems less likely in the short term due to the observed bearish divergence.
Bearish Scenario (70% Probability):

A break below the $40,625 support level could lead to a further correction towards $39,200 or even $38,200. This scenario holds a higher probability given the bearish divergence and technical resistance levels.
Important Caveats:
Technical analysis is not foolproof; consider it as one tool among others for trading decisions.
External factors such as fundamental news, market sentiment, and regulatory developments can influence Bitcoin's price.
Additional technical indicators, like MACD or Stochastic Oscillator, can be used to confirm signals.
Employ risk management practices, including setting stop-loss orders, to mitigate potential losses.
Recommendations:
Prioritize risk management and trade responsibly.
Utilize a combination of technical and fundamental analysis for well-informed decisions.
Conduct thorough research before executing any trading strategies.
Closing Remarks:
This analysis aims to provide a professional and insightful perspective on Bitcoin's current price action. Always exercise diligence and discretion in your trading decisions, keeping risk management at the forefront of your strategy.

$BTC #BitcoinUpdate #BitcoinPriceDrop #TechnicalAnalysis

BTC's price showed weakness during the past day despite the prevailing market optimism.The crypto market faced significant liquidations of nearly $170 million post-Christmas, triggered by a slight decline in the values of major cryptocurrencies.Data from CoinMarketCap indicates that the largest cryptocurrency by market capitalization, Bitcoin, declined 1.18% to $42,639, reminiscent of its run in the previous week.Similarly Ethereum and other large-cap alternative cryptocurrencies like Tron, Avalanche, XRP, and others recorded slight losses during the reporting period.Conversaly, some digital assets like Binance-backed BNB, high-flying Solana, and ORDI showed strength with gains of 5%, 3%, and 13%, respectively.Solana SOL and ORDI are two of the best-performing digital assets of the current year. These cryptocurrencies have generated much interest and adoption from the crypto community heavily investing in them.$170M liquidatedCoinglass data shows that these asset price movements liquidated $168 million across all assets from more than 70,000 crypto traders during the past day. Long position holders—traders betting on price increases—lost $92.16 million, while traders with bearish sentiments were liquidated $76 million during the reporting period.Across assets, speculators on BTC price saw the most losses of about $26 million within the last 24 hours, with long traders losing $12.48 million and short positions losing $13.03 million. Notably, the most significant single liquidation order was a $3.15 million long BTC position held on BitMEX.Similarly, Ethereum traders faced around $21 million in losses, while Solana traders also lost approximately $24 million, with most losses suffered by long traders.Traders speculating on ORDI price also experienced losses totaling about $22 million. Long traders of the token faced losses of approximately $7.5 million, while those betting against its price lost $13.83 million.Meanwhile crypto traders using the embattled Binance platform accounted for more than 40% of the total losses suffered in the market. The exchange users lost $72.25 million, followed by OKX with $51.65 million.Additionaly traders on Bybit were liquidated for $22.92 million, while Huobi users incurred a total loss of $17.51 million.#BinanceChristmas #BinanceTournament #BitcoinPriceDrop #Osmy_CryptoZ