Bitcoin

Another Market Crash Upcoming During Mid of July, Bitcoin(BTC) Price May Slash Below $15,000 Soon!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 9, 2022

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Article Highlights
  • Bitcoin price reciprocates a similar trend, following which the asset may lose another 30% of its value in the next 7 to 10 days

  • With the drop, the BTC price is expected to form the much-awaited bottoms close to $10,000 by the end of July or during the first few days of August

Bitcoin price since the past couple of days has gained huge bullish momentum as it flipped from the lows just below $20,000, the second consecutive time. On the contrary, the asset also witnessed extreme bearish pressure during the last trading day but the bearish pressure failed to drag the price below $21,000. Therefore, displaying a significant possibility of surging towards the immediate resistance close to $24,000 in the upcoming days. 

While the market sentiments have eased up a little, yet the price still displays a significant chance of drawing in deep bearish well once again. Bitcoin appears to have followed a similar pattern and hence if the same price movements are repeated, the asset is feared to drop below $10,000 in the next fortnight. 

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The star crypto, just before each price slash maintained a parallel consolidation for nearly a week. On the other hand, the Bollinger band had also squeezed, while bulged during the rest of the time. Presently, the asset is again trading within a similar parallel consolidation that may eventually result in a breakdown, similar to the previous one. Another crypto crash could drag the BTC price by another 35% to 40%, landing close to $11,000. 

However, many still believe Bitcoin price may eventually break the current consolidation and secure levels above $23,000. Further, bearish momentum may drag the price lower to mark the speculated target around $15,000 or below. Nevertheless, the BTC price may rebound firmly after hitting the bottom. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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