Bitcoin could still drop to $37k, analyst says: Here's why

The Bitcoin (BTC) price could potentially dip to the $37,000 region if the orange coin fails to hold its $43k critical support level, according to a fresh analysis shared by crypto analyst Ali Charts, as key indicators suggest that Bitcoin’s fate still hangs in the balance.

Key insights

Crypto analyst, who goes by @ali_charts on social media, warns of a potential Bitcoin correction, linking it directly to a sustained close below $43,200. This crucial level acts as a litmus test for the market, indicating a bearish turn if breached. But if this support turns out to hold, it could trigger a possible BTC rise towards $47,360

Per data from CoinGecko, Bitcoin (BTC) is exchanging hands for $43,780 and has gained 3.40% in value over the last 7 days, with a trading volume of over $12 billion, making clear the level of activity in the market.

Meanwhile, the looming anticipation of the approval of spot Bitcoin ETFs in the U.S., adds another layer to Ali’s prediction. As detailed in a recent YouTube video from the CryptosRUs channel, the analyst believes that this approval could be the trigger for a substantial surge in Bitcoin and the broader crypto market.

In addition, Matrixport, a reputable source for crypto predictions, boasts a track record with two out of six predictions already materialized. Their latest forecast predicts Bitcoin reaching $50,000, with historical accuracy strengthening the anticipation surrounding this projection.

Matrixport’s journey of predictions includes a successful call in December 2022 when Bitcoin was valued at $17,000. Subsequent forecasts saw Bitcoin surpassing $29,000 on April 11, aligning with their projections

Global regulatory developments

Argentina’s government recently indicated that it would embrace Bitcoin adoption. Under President Javier Milei’s new administration, the digital asset was approved for use in contractual agreements.

This move is part of a larger trend across the globe in which governments recalibrate their attitudes toward digital assets.

For example, on Friday, Dec. 22, the Central Bank of Nigeria lifted its previous prohibition on cryptocurrency transactions — a significant shift in the country’s stance on the burgeoning crypto market in the country.