Bitcoin price has shown a steady recovery since its crash on January 24, but technical analysts at Fundstrat predict that the BTC price will see new lows in the next few months.
Bitcoin is up almost 18% after falling to the weekly support level at $34,752. According to Fundstrat's Mark Newton, pricing patterns suggest that the biggest cryptocurrency could hit a new low in the coming months. “This small two-week bounce may still be too early to wait for the start of a new medium-term rally.” Newton said, warning investors.
He added that Bitcoin breaking above $40,000 would be an important technical level to watch out for bulls. Meanwhile, Newton added that a drop below the $35,511 price level would create a test of $32,950:
"It remains in a bearish pattern until $40,000 is surpassed in a daily close and technically speaking it's hard to rule out further weakness."
Bitcoin dropped as low as $33,100 in the last week of January. According to the data, the price of BTC dropped by $10,000 from January 20 to January 22. Bitcoin is down over 5% in the last 24 hours and is trading around $36,630 at the time of writing.
How much of the world's carbon emissions is Bitcoin responsible for?
A report shared by CoinShares reveals that despite the notoriety of Bitcoin mining, it is responsible for only 0.08 percent of the world's carbon emissions in 2021. As stated in the report, total carbon dioxide emissions through Bitcoin mining in 2021 amounted to 49.36 million tons (mt). On the other hand, in 2020, this figure was calculated as 36 million mt on average, while there was a 14 percent increase in mining carbon dioxide emissions. Although this seems to be a significant increase, it is seen that the figure remains quite low when compared to other sectors.
Commenting on the CoinShares report, this emission, which corresponds to about 1 in 1,000 of carbon dioxide produced globally, was touted as insignificant. The report, which also includes a nationwide comparison, states that developed countries such as the USA and China, which have large industrial centers, produced 5.83 billion mt and 11.58 billion mt.