The Crypto market continues to plunge with the global market cap dipping by a significant 4.53 percent in the last 24 hours and is at $1.72 trillion. The world’s largest cryptocurrency, Bitcoin, was down by over 3% trading at $38,593.50. Ethereum was down by over 2.5% at $2,548.86. Similarly, major altcoins too suffer losses.
BTC Price Action
Bitcoin has continued to suffer losses. The Flagship currency is hovering between $38k-$39k in the last 24 hours. At Press time, If we can see a minor recovery, the BTC price might face resistance near the $38,850 level. However, the first major resistance lies at $39,000.
If bitcoin fails to clear the $39,550 resistance, we can expect a downtrend and might test the Immediate support at $38,400. The major support is at $37,140. If the Bears continue to rule, BTC price might drop to $36k or even Below $35k Level in the worst case.
Bitcoin is set to hit $100K soon!
According to the CEO of a cryptocurrency and blockchain hedge fund management firm, despite a drop in the price of Bitcoin since November, the digital asset is still on track to attain the coveted $100,000 per coin target.
Joe DiPasquale discussed Bitcoin’s involvement in the Russia-Ukraine conflict, as well as his bullish outlook for cryptocurrency markets in the coming months.
Despite the negative attitude that has permeated the crypto markets since the beginning of the year, according to the Bitbull CEO, BTC Price is still on track to exceed $100K within the next 24 months.
The year 2023 is “a fair bet,” according to DiPasquale, and people may need some time this year to “relax and blow off some steam.”