Bitcoin dips below $42K as new forecast says breakout 'most probable outcome' for BTC price

Bitcoin (BTC) returned closer to $40,000 on Thursday as $44,000 resistance proved too much for bulls to overcome.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBuying another dip

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shedding around 4% in 24 hours on Jan. 14.

The pair had topped $44,450 on Bitstamp before the retracement kicked in, this seeing local lows of $41,780.

While disappointing for those hoping that the worst of the pullback was over, analysts appeared unsurprised by the move, which they said could resolve via a fresh test of $40,000 support.

Pretty much the path for #Bitcoin. pic.twitter.com/VY0BkTXYOM

— Michaël van de Poppe (@CryptoMichNL) January 14, 2022

Popular trader Pentoshi also appeared to get his wish—BTC “sweeping” lows below $42,000 in what he had previously identified as a prime opportunity for entry. He added that $46,000 could be next.

Looming large, however, was another “death cross” chart construction on BTC/USD, a classic signal warning of bearish

Keep reading this article on Cointelegraph.com.

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