Hello dear readers, this time I wanted to share with all of you some analysis on the current Bitcoin price action development, this if we take into account that in the face of the recent FED announcement the cryptocurrency market suffered a new setback and with it destabilized and increased volatility in the cryptocurrency market.
As noted, Bitcoin's price action since the last all-time high began a sharp decline that has brought it down to an estimated 72%, so, in light of the Fed's announcement, the bearish situation for Bitcoin begs the question; has the bottom been reached in the current cycle?
After the resounding setback of Bitcoin to the USD 18,000 area, conjectures began to be part of the day some positive and some not so much, in this sense the famous analyst "Rekt Capital" the weakness shown by the price action of recent days, reflected in that USD 20,000 has ceased to be a price support to be part of the new range of resistance that certainly the lower level will be below the USD 18,000.
According to "Rekt Capital", Bitcoin's price action is developing the famous death cross pattern, which would imply a further decline so if a new Bitcoin bottom is to be recorded between 517 and 547 days before the next Bitcoin Halving in April 2024, then such a floor should occur during the last quarter of this year.
The analyst states that price pullbacks when previous bearish crosses occurred have been in the range of -42% to -73%. While it is impossible to predict how far the price will fall, assuming the worst case scenario would involve a drop to the $11,000 level.
SOURCES CONSULTED
Rekt Capital. New Lows Ahead For Bitcoin?. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Coinpedia
I am so confused as per the way bitcoin is moving. Just hoping for a better pull back towards it price. I am sure we aren't going to be out of the bear market just yet.
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Hi @tfame3865
Remember we are in a cycle, and these are not eternal and much less in Bitcoin, this bearish cycle is close to culminate, now that the stock goes to 11K are opportunities to buy, get more liquid token in our blockchain, accumulate and wait for the downtrend breakout zone to uptrend.
Best regards, be well.
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Greetings friend, the truth this world of cryptocurrencies is quite complex, I say this because of how in a matter of seconds the value of an asset can change, the current price of BTC is 18K and hopefully the information you share does not take that course and we see an over 20K again.
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Hi @carlir
I don't think it is so complex, I even think that the price action is quite predictable, the market is within a bearish cycle and it is evident that it will move with bearish volatility, soon we will be restarting the next bullish cycle and in that case the volatility will be in upward projection such as the one developed in the last halving posts.
Best regards, be well.
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Hello @lupafilotaxia, These projections are not encouraging at all. I would not like to think of a possible fall of close to 11,000 USD. Will it really happen at some point? In that case, what would be the impact on the world economy and on the serious and irreparable economy in Venezuela? , this is cause for concern.
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Hi @tocho2
We should see the elements against and for the fall, the stock going to 11K are opportunities to buy, get more liquid token on our blockchain, accumulate and wait for the downtrend to uptrend breakout zone.
Best regards, be well.
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