The price of Bitcoin (BTC) has failed to break through the $40,000 barrier, indicating that confidence in the cryptocurrency market remains sluggish. BTC has been declining for more than a month. If it falls below $38K, it could fall all the way to $32K. While the crypto market is now bearish, another crash is improbable, at least until the FOMC meeting concludes. Traders’ enthusiasm in the cryptocurrency market continues to erode as a result of the market’s prolonged fall and geopolitical uncertainty. Veteran trader Peter Brandt anticipates a test of the Bitcoin (BTC) price below $32,000. Suggested Reading | Will Bitcoin Shoot Over $40,000 — Or Drop To $35,000? Brandt stated in a tweet that Bitcoin has completed a bearish course, plunging below the $38K level in the last 24 hours. He anticipates a $32,000 test in the near future. However, his estimate of $28,000 is more concerning for Bitcoin. Additionally, on-chain data does not bode well for bitcoin, as profit transactions have surged. This indicates that profit booking may be occurring at higher levels. Analysts Remain Upbeat On Bitcoin, Despite Jitters Despite persistent concerns about the cryptocurrency market’s significant correlation with equities, analysts remain bullish on crypto. According to market expert and Placeholder VC partner Chris Burniske, Bitcoin and Ethereum have dominated the stock market for years and will continue to do so. Burni...
