Bitcoin Price Decline

Bitcoin (BTC) crashed by more than 21% in the last seven days from a local peak at $99,495, down to $78,219 on February 28, bringing uncertainty to traders and investors. A prominent trading expert, however, believes this movement is part of an expected market correction that is about to end.

CrypNuevo, a well-known smart trader, has been posting technical analysis updates throughout the week, following Bitcoin’s price action. Despite missing, and acknowledging the fail, of a forecasted support at $91,764, CrypNuevo quickly adjusted to BTC’s new reality.

Bitcoin Technical Trading Targets for End February and March

According to a recent update, the trading expert is looking at the 50-week exponential moving average (1W50EMA) as the leading indicator to set Bitcoin’s target. This would be at $76,200, which could be hit precisely or not, with the price hovering around this level.

Bitcoin is currently trading at $81,590, below the trading expert’s targets, which certainly fuels optimism for the bulls. Yet, it accumulates 20.05% losses in the last 30 days, evidencing the challenges ahead, even if things turn favorably.

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