Bitcoin BTC stocks were down $42,135 and stayed close to $42,000 on January 27 as traders were optimistic about more upside following late-week BTC price rises. TradingView and Cointelegraph Markets Pro data revealed traditional cool weekend price activity beginning, with $41,800 as the main target. There was a 5% increase the day before as Cointelegraph reported that the market was doing better than it had been in previous weeks.
The same issues were being monitored: withdrawals from ETFs, selling pressure from Mt. Gox and FTX, two now-defunct exchanges, and the impending halving of block subsidies. Despite this, MN Trading’s founder and CEO, Michaël van de Poppe, stated in his most recent YouTube video that he thought the current downturn in the price of bitcoin was gone.
Crunch Bitcoin BTC Price Recapture Level Is $41,300
He predicted a journey to long-term area highs between now and April’s halving, but he would not rule out taking cash in the mid-to low-$30,000 level. He said, “Perhaps before it, we’ll have a final run to $48K and then a last correction.” Van de Poppe contended that with time, the detrimental effects of FTX, Mt. Gox, and GBTC maneuvers will become less apparent.
In a later post on X, he said, “Bitcoin is probably consolidating from here, between $37-48K for the coming months.” (previously Twitter). Not everyone thinks that Bitcoin is out of the woods, as Cointelegraph wrote; others predict a return below $30,000 or even lower in the upcoming months. Staying with shorter periods, well-known trader and analyst Rekt Capital highlighted the importance of the approaching weekly closure.
