Bitcoin price has now been rejected from $24,000 for the “umpteenth” time as of now and looks to drop below $23,000 considerably in the coming days. While the buying volume has seemingly ebbed in recent days, the chances of a quick rebound also seem pretty low. Therefore, a significant drop can be expected in the coming days.
With the current price movements, the price of BTC shows a couple of chances of running out within a deep downtrend. As the popular analyst suggested, currently, the flagship cryptocurrency has two options, and sadly, both are bearish.
Two options, both bearish.
1) Until 25400-25500 and then reversal of this average uptrend, straight to new lows.
2) Straight to new lows from here.
Bearish confirmations: below 23500 and below 22500
Bullish continuation: consolidation above 26k pic.twitter.com/zhEOYgdqMv
— the Crypto Capo (@CryptoCapo_) August 16, 2022
The analyst says here that Bitcoin prices may rise well past $25000 and eventually fall hard to reach $23,500 or $22,500 as well. In a prolonged case, the price of BTC could continue to fall sharply and form new lows later.
On the contrary, the price of BTC can validate a bullish confirmation in case the asset breaks above $26,000. However, the chances of such a breakout seem rather less since, according to the chart published by the analyst, the asset does not have any bullish momentum in the near future.
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This post Price poised to hit $22,500 this end of the month
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