After a period of relative stability, the world’s premier cryptocurrency, Bitcoin, appears poised for a substantial move. Analysts and traders across the globe are tuning in, keeping their eyes glued to their screens, as speculation is rife that Bitcoin could crash to $19,000. Is a Bitcoin crash to 20K still possible?
Bitcoin Data shows that BTC is currently locked under the $30,000 mark, which has now emerged as an intraday resistance. July 22 witnessed a brief dip to $29,640 before recovering in time for the daily close. Despite this rebound, the crypto community remains apprehensive about a further decline.
BTC Double-Top Rejection: A Red Flag?
The current price action of BTC raised the alarm, as prices showed a double-top rejection in Bitcoin’s trend. Drawing insights from the three-day chart analysis, we advise caution and the importance of noting key levels in case of a further plunge.
“Downward BTC Price Trend: A Likely Scenario?”
Nebraskan Gooner, a fellow trader, and analyst also sees a bearish trend in Bitcoin’s immediate future. Noting that Bitcoin has slipped below its narrow range held for the past month, Gooner admits that a drop in Bitcoin’s value seems likely.
#Bitcoin
Below range for a couple days now…
Downside seems likely. pic.twitter.com/c59Z01kJpK
Bitcoin Price Prediction: A Make-or-Break Decision Looms
As Bitcoin’s value hovers uncertainly, volatility is expected to resurface in the market. Analysts, however, are divided over whether Bitcoin will break out of its current rut or continue downward to test levels from earlier in the year. Some analysts anticipate a significant move in Bitcoin in the coming week, suggesting a crucial decision point for the recent narrow price range.
Others simplify the scenario by saying, that they’re expecting a big move with BTC next week. 31-32k is a resistance area, and 29k is a support. With this level of uncertainty, all eyes will be on Bitcoin’s performance in the coming days.