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Analysts warn that Bitcoin could dip to $38K ‘before an eventual breakout’ -Breaking


Another day of weakness was experienced by the cryptocurrency market on January 18, when () fell to an all-time low.BTCThe altcoin market was put under additional pressure as the price of bitcoin dropped further. The crypto Fear and Greed Index currently registers “Extreme Fear”, which is a warning signal to investors that the BTC price may soon drop below $39,000.

Crypto Fear & Greed index. Source: Alternative

Source: Cointelegraph Markets ProAnd TradingViewThis shows that bulls had lost control over the $42,000 support level in the early trading hours of Jan. 18. As bears crushed the BTC prices to a daily low at $41,250, this clearly shows.

BTC/USDT 1-day chart. Source: TradingView
Normalized performance year-to-date Source: Delphi Digital
BTC/USD 1-day chart. Decentrader