Price Prediction: Bitcoin Could Dip Below $40 000 and HUH Token Set for 100% Upswing

The next few days' Bitcoin price action will be critical in establishing a direction bias

Bitcoin's price is currently balancing on a critical support level as bulls and bears battle it out. Meanwhile, HUH Token is offering investors a fresh buy opportunity after consolidating to its major support level, and looks set for a 100% upswing.

Bitcoin (BTC)

This struggle for control demonstrates indecision amongst investors and is frequently seen prior to a volatile move.

Bitcoin's price has fallen below the psychological $50,000 mark five times in the last six days. Although BTC recovered above it the first four times, the December 9 crash resulted in a daily close below it.

The next few days' price action will be critical in establishing a direction bias.

In order for Bitcoin to become bullish again, the price needs to close above $57,845 on a daily chart to signal that the bulls have reclaimed control. This will result in a higher high and, eventually, a higher low, confirming the beginning of an uptrend.

Even after flipping the $57,845 level, BTC must navigate a dense consolidation zone to reach $61,000. Beyond this point, the major cryptocurrency will face the $65,509 barrier and eventually the all-time high of $69,000.

BTC/USD Daily Chart according to TradingView

While a bullish scenario is not ruled out, the breakdown of the $50,000 psychological level and the $48,326 support level indicates that bears are in control. If buyers fail to rescue the pioneering cryptocurrency at these levels, there is a good chance the downtrend will continue, bringing BTC down to the next support level of $40,596.

If this occurs, market makers will likely collect the liquidity that has accumulated below this level, allowing BTC to revisit the $30,000 level once more.

In a worst-case scenario, Bitcoin could fall below the July 20 swing low of $29,763 in order to collect the sell-stop liquidity.

Additionally, the volume of large transactions worth $100,000 or more has decreased significantly from 12 million on November 16 to 5.4 million on December 6. This 55% drop indicates that large institutions and whales are uninterested in BTC at its current price.

Therefore, investors should exercise caution and monitor how Bitcoin's price reacts near the psychological level of $50,000. Consolidation followed by an increase to $57,845 indicates that the bulls are attempting a comeback. Market participants must then await confirmation.

If Bitcoin's price continues to fall, a return to $40,000 or lower appears possible.

HUH Token (HUH)

HUH Token's price is presenting traders with a fresh buy opportunity after consolidating over the weekend to its major support level at $0.0001236.

HUH's relative strength index (RSI) and stochastics have moved below their bottom bands and into the buy zone, indicating that an upswing is imminent. In addition, HUH's price has also fallen below its moving average, reinforcing the bullish outlook.

HUH 1-Hour Chart according to TradingView

HUH Token's first resistance level is at $0.0001826, but if the price can break above this level then HUH looks set to retest its all-time high at $0.0002726, which would be a 100% rise from current levels.

However, if HUH's price falls below the 0.0001236 support level then the bullish outlook would be nullified.

HUH Token surged over 4000% last week after its debut on PancakeSwap on Monday, December 6. The new cryptocurrency went viral after breaking into the Top 20 on PancakeSwap in just a few days of its launch. HUH has a market cap of over $110 million.

The new cryptocurrency dubbed plans on competing with other meme tokens by offering enhanced features and utilities, and has subsequently been called a "utimeme".

HUH Token offers a novel referral system. A holder of HUH Token can refer others using a unique code provided at the time of purchase. The holder is then compensated with 10% of the first HUH purchase of the person they refer.

HUH Token is designed to increase a holder's tokens incrementally over time, which means that the more tokens a person holds onto, the more tokens they continue receive.

Additionally, investors may be enticed by HUH Token's announcement of $1 million in locked-in liquidity, which will be locked in for at least 2 years.

For More on HUH Token:

Buy on PancakeSwap – https://bit.ly/3pSg09d
Website – www.huh.social
Latest HUH Token News https://bit.ly/3F6ttAV