Price Analysis

Bearish Confirmations Hover the Bitcoin (BTC) Rally: Price Primed to Hit $22,500 This Month-End

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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Aug 16, 2022

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Bitcoin price has now been rejected from $24,000 for the ‘nth’ time from now and appears to slash hard below $23,000 in the coming days. While the buying volume has apparently dropped in the past couple of days, the possibilities of a quick rebound also appear pretty low. Therefore, a significant drop may be expected in the coming days. 

With the current price movements, the BTC price is displaying a couple of probabilities of draining within a deep bearish trend. As suggested by the popular analyst, currently, the star crypto has two options and woefully both are bearish. 

The analyst says here that, the Bitcoin prices may rise high beyond $25000 and eventually drop hard to hit $23,500 or $22,500 too. In an extended case, the BTC price could continue to plunge hard and form new lows ahead. 

Conversely, the BTC price may validate a bullish confirmation if in case the asset ranges beyond $26,000. However, the possibilities of such a breakout appear pretty less as, as per the chart let out by the analyst, the asset does not carry any bullish momentum in the near future.

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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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