Experienced trader Peter Brandt and other well-known analysts are foreseeing a potential decline in Bitcoin’s price, suggesting it could drop to the $25,000 level.
This has raised questions among investors about whether this dip presents a favorable opportunity to purchase Bitcoin at a lower price.
Both the cryptocurrency and stock markets experienced shocks over the course of Thursday and Friday, resulting in declines in both digital assets and equities by the end of the week. The positive sentiment that was present turned into fear following a recent drop in Bitcoin’s price, causing a broader selloff in the crypto market.
Renowned trader Peter Brandt has issued another caution for the Bitcoin market. He pointed out that the BTC price is once again testing the neckline on the inverted head-and-shoulders pattern. Brandt is predicting a potential decrease in the BTC price and warns that if the price closes below $24,800, it could adversely affect the daily and weekly charts.
Source: Peter Brandt
Bitcoin’s recent price movements have caught the attention of market analysts, including Rekt Capital, who pointed out a bearish technical signal. The completion of the Double Top pattern has led to concerns that Bitcoin’s resistance could shift to $26,000 instead of acting as support, potentially indicating a downward trend.
Well-known crypto analysts such as CrediBULL Crypto, Crypto Tony, and Crypto Birb have weighed in on the situation, predicting that the best price point to consider buying the dip might be around $25,000. CrediBULL Crypto specifically emphasized that Bitcoin’s price is unlikely to dip below this level, citing a previous market correction that preceded Bitcoin’s journey to an all-time high.
Hit the like if you will buy $BTC @ $25,000 pic.twitter.com/jabkGImU4u
— Adrian Zduńczyk, CMT (@crypto_birb) August 18, 2023
Bitcoin Price Approaching Crucial Turning Point:
The price of BTC has declined by 2% over the last 24 hours, currently standing at $26,000. Its lowest point in this period was $25,668, while the highest was $26,587. Additionally, trading volume has decreased by 45% within the last day, indicating reduced trader engagement.
Similarly, ETH’s price has also dropped by 2% in the past 24 hours, settling at $1,660. This decrease follows reports of potential SEC approval for an Ether futures ETF, which impacted its upward momentum. The trading volume for ETH has also decreased by 55% in the same 24-hour period.
Despite the recent downturn, Bitcoin’s performance throughout the year remains impressive, with a nearly 50% increase year-to-date. Binance CEO, known as “CZ,” acknowledged the prevailing negative sentiment in the market and advised taking a broader perspective.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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