BTC Price Correction – Bottomed? - Technical Analysis

[Btceth01]

Bitcoin has been started getting the recognition as the true store of value since quite some time now. But when we saw the correction yesterday, many started doubting the whole crypto market.
BTC price fell drastically yesterday and tapped $30,000. We saw a 30%+ price drop in BTC in the past 24 hours and a more than 50% drop from its all time high price. There were a lot of factors which added to this major correction in BTC price, both fundamentally and technically. Many altcoins suffered more than 40% loss in the past 24 hours. We will discuss the technical reasons for this drop and try to analyze if this drop is over.
Let us review BTC Price.
BTC/USD – Price Prediction – Daily
BTC broke the support of $42,000 area which was a crucial support zone. Once this zone was broken, there was absolutely no support till $30,000 which led to a drop of BTC till that zone. For BTC to continue the bullish momentum, it has to quickly claim back the $42,000 support area and stay above the same. Next target to flip to invalidate the bearish scenario would be to move above $46,000. If these two zones can be claimed, we could start targeting new all time high for BTC.
If $42,000 cannot be reclaimed back and gets rejected, we could see a move down towards $30,000 area once again. Source