Bears Eye $29k Bitcoin While Nayib Bukele Wears A McDonalds Shirt

0

Last Updated on 24 January 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

As cryptocurrencies anxiously await a new week of stock market mayhem and whether the next few days will bring more bloodshed, technical analysts claim that Bitcoin’s next stop is near $29k. Meanwhile El Salvador’s leader replaces his profile pic with a McDonald’s shirt, a favorite joke of Bitcoin HODLers.

Advertentie.

Levels of support

The technical analysis site FX street claims that the chart of Bitcoin shows that in the last few days a descending channel could be extended, with a possible next stop to $29,000.

They stated:

Bitcoin price action has continued to weaken as BTC has dropped below a crucial level of support. The prevailing chart pattern projects another 16% drop for the leading cryptocurrency. Bitcoin price has sliced below the lower boundary of the descending parallel channel on January 21, putting a 16% plunge toward $29,026 on the radar.

On Saturday, we featured a crypto CEO who claimed that the same chart had made him project $35k, which was indeed where Bitcoin stopped out and paused as from Sunday (before moving up slightly again). We’ll see if the next (quite bearish) TA is correct as well.

Bukele at McDonalds

Nayib Bukele, the populist leader of El Salvador, has become a favorite of Bitcoin maxis ever since he made the world’s biggest cryptocoin legal tender in his country last year.

Now, as Bitcoin suffers a major correction, Bukele exchanged his profile pic for one of himself wearing a McDonald’s shirt, a favorite joke of Bitcoin and crypto HODLers whenever there’s a crash.

Chubakaster / Depositphotos.com