Bitcoin's "34,000 Dollar" Line: A Focus During Decline? Renowned Analyst's Price Prediction

Explore the detailed analysis of Bitcoin's price movements, including Ali's prediction of a potential drop to 34,000 dollars and Tone Vays' cautious stance in our latest article.

Understand the current trends in the BTC market and learn from top analysts' predictions.

The Rising Parallel Channel Since September for Bitcoin

Bitcoin (BTC) saw its price rise to around 49,000 dollars on the 11th of this month, but since then, it has been on a declining trend.

At the time of writing this article, the BTC price has dropped to around 41,000 dollars. Ali, a well-known analyst with over 40,000 followers on X (formerly Twitter), who goes by the handle @ali_charts, is warning of a further decline in Bitcoin's value.

Earlier this month, Ali mentioned the possibility that "BTC could fall back after rising to 48,000 dollars". On the 13th, referring back to this post, he stated that "Bitcoin could fall to as low as 34,000 dollars".

On the 5th of this month, he observed that "BTC seems to have been following a rising parallel channel since September 2023", and in his recent post, he commented that "this parallel channel appears to be still maintained".

The Parallel Channel Seems to Be Maintained

This suggests that Bitcoin's drop after reaching the channel's upper limit of 48,000 dollars indicates the possibility that after BTC returns to the lower limit of 34,000 dollars, it might rebound to the upper limit of 57,000 dollars.

Many expect further declines in Bitcoin's price, including the prominent trader Tone Vays, who has over 290,000 followers.

In a recent YouTube video, Vays said, "It's better to hold cash and wait for now".

While BTC maintains the 40,000 dollar support line at the time of writing, if Ali's prediction proves accurate, there could be more declines over the weekend, making position management crucial.

>> Click here for other price projections.