Bitcoin is yet again closer to recording another bearish weekend as the much-awaited breakdown is underway. To anyone’s surprise, BTC price just a week before had surged above $25,000, while many believed the bearish dominance may have reduced. However, all the bullish action went in vain with the Fed Chair’s 8-minute long speech addressing the US economy and inflation.
Nearly $70.63 billion has been wiped out of the global market capitalization while the US stock market lost nearly $1.25 trillion in the past 24 hours.
After plunging by more than 8%, the BTC price did attempt to overcome the bearish pressure, but the market sentiments do not appear in favour of the bulls presently. Therefore, the previous bearish pattern is all set to repeat, dragging Bitcoin towards lower support below $16,000.
Bitcoin (BTC) Price May not Hit $100K for the Next 2-3 Years!
The star crypto has plunged heavily by more than 70% from its highs at $69,000 in the last 8 months. Therefore, if the trend was to be corrected, a rebound had to occur a couple of months before. Hence as the bearish trend still continues with no signs of recovery, it can be assumed that the bears could remain strong until the end of 2022 and also during H1 2023.
For that reason, even if the BTC price begins with the recovery, due to drained volume & reduced volatility, the pace may remain lower than usual. As per a popular analyst, Bitcoin is primed to drop to $11000 by the beginning of 2023.
Moreover, the analyst believes the price could rise by a maximum of $75,000 by January 2025 and hence spreading out the possibility of a sideway trend prevailing for a long. Considering the present targets, the BTC price appears primed to rebound and test the local highs at around $22,500 or $23,000 by the end of August.
The move may be only to liquidate the shorts and also trap the bulls who at $22,000 will long Bitcoin. But with the beginning of bearish September, the BTC price is expected to drop hard and reach $16,000 levels by the mid. However, the asset appears to be self-assured of a strong rebound after marking new lows, which may uplift Bitcoin above $20,000 in the next couple of weeks.
Was this writing helpful?
Credit: Source link