Here’s Why Stock-to-Flow Creator Is Confident $288,000 Is Still In Play for Bitcoin (BTC)
AI Trading

Sven Henrich, the founder and lead market strategist at NorthmanTrader, has stated in his recent note that there is still a possibility for the price of Bitcoin (BTC), the largest cryptocurrency by market cap, to collapse.

He said it’s crucial for the flagship cryptocurrency to reach “sustained new highs” in February. Otherwise, Bitcoin could embark on another bearish reversal such as that of early 2018. So, Henrich targets a possible crash to $6,400 area in 2022.

Read Also: Bitcoin (BTC) Loses $30,000 Support, Erasing Almost All of 2021’s Gains. Here’s why

He further pointed out that if the structure takes the form of 2017 highs, it could well be the next target lower. Failure to hold that support, the confluence interjection of key trend lines may ultimately yield a target of around $6400 in 2022.

AI Trading

Although Bitcoin’s bull case still remains positive, Henrich believes that the leading cryptocurrency is moving closer to a critical point in the current bull cycle.

Bitcoin (BTC) Must Hit and Hold $45,000

According to Henrich, Bitcoin must convincingly break above $45,220 to gain a hold above the 3.618 Fibonacci level.

Market Strategist Sven Henrich Says Bitcoin (BTC) Could Fall to $6,400

Image Source:

After finding support at the 2.618 Fibonacci level during the two latest price retracements, Bitcoin (BTC) could eventually lose it and face a huge price dip if it fails to attain a new all-time high soonest.

Extremely Similar To 2018 Bear Market

According to Henrich’s account, the current performance of Bitcoin is extremely similar to that of early 2018 when the king of coins was preparing for the historic bear market.

Read Also: Bitcoin (BTC) Reaches Price Milestone after Three Years of Waiting

As the market strategist stated, Bitcoin (BTC) is at risk of forming a monthly rejection candle and a lower high in the following month. Such a setup was effectively a death knell for Bitcoin’s previous bull run.

Henrich concluded that traders have to prepare for possible bearish divergence, even if Bitcoin manages to attain new highs.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.