Analyst Suggests $40K is the New Bitcoin Support Level

Stockmoney Lizards, a prominent crypto analyst, has made a big statement in the volatile world of cryptocurrencies: he thinks Bitcoin’s price will reach a new support level. 

As of Feb. 10, the industry expert declared that Bitcoin could settle around $40,000, greatly changing how the market feels. This prediction comes when Bitcoin’s price is still fluctuating, which has kept buyers on edge with its unpredictable highs and lows.

Bitcoin’s Price Momentum and Support Levels

The crypto analyst recently emphasized something interesting about the direction of Bitcoin’s price. They looked at old data and found a strong link between BTC’s price changes over the last 13 years and a logarithmic growth curve.

We'll probably never see #BTC going below $40k again.

What you see here is #Bitcoin's price over 13 years. The peaks align with a logarithmic growth curve. This entire process is orchestrated by the Bitcoin Halvings, which always serve as a precursor to the bull market.… pic.twitter.com/Nfj6S98zCr

— Stockmoney Lizards (@StockmoneyL) February 10, 2024

Moreover, the analyst expresses that this trend is affected by Bitcoin halvings, which tend to coincide with bullish cycles. Stockmoney Lizards said the current price trend is similar to earlier cycles since this is the fourth cycle.

Also, the expert declared that BTC would unlikely fall below $40,000 again, which could mean a new support level. On the other hand, the study also predicted a peak of $250,000, which made BTC supporters hopeful.

Even though Stockmoney Lizards predicts that the market will be bullish, progress has been slow lately, and BTC’s price has dropped below $48,000 in the last 24 hours. Some people who watch the market think this downward trend is caused by investors selling their positions to take profits.

However, crypto liquidation data shows large-scale sell-offs and has caused some worry. According to data from Coinglass, over the past day, 41,319 trades were liquidated, which saved a total of $113.01 million.

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