Price Analysis

This is the Main Target for the Bitcoin(BTC) Price in the Coming Fortnight!

Written by: Sahana Vibhute

Written by right arrow

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.

  • author facebook
  • author twitter
  • linkedin

Aug 22, 2022

news-image
Article Highlights
  • Bitcoin price has been on a bearish track since the market collapsed in May and yet to each the bottoms that may be lower than the current lows

  • The recent rejection can be considered as a testament for the prediction of the lower levels in the present bearish cycle

It has been more than 60 days since the Bitcoin price consolidated below $25,000 looking out for an opportunity for a breakout. The recent spike close to $25,000 was believed to be the revival of a bullish trend as the path towards $30,000 appeared pretty clear. 

However, the recent price plunge slashed the asset lower hurting the trader’s sentiments who now believe the July lows may be retested again.

While the entire crypto space was somewhat bullish on BTC price, a popular analyst il Capo of Crypto always warned his 483.6K followers about the upcoming dump. While the plunge has substantiated the claim, the analyst believes the bitcoin org bottom is yet to be reached. 

Source: Twitter

As seen in the chart, the asset has broken down from the trend line and hence is believed to drain in a bearish well. However, the analyst believes that the price may spike beyond $22,500 or $23,500, post to which a significant drop may drag it towards the main target at $16,000. 

However, the support at $19,000 is expected to hold the asset firmly, or else the drop to the lower levels may be imminent.

Collectively, the BTC price is on the verge of a notable price drain as the bearish flag formed may eventually drag the price below $20,000 from the current levels at $21,253 initially.

Show More

Was this writing helpful?

dislikeimage No myImage Yes

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.

Related Articles

Back to top button