Bitcoin is once again close to recording another bearish weekend as the long-awaited crash is underway. To the surprise of anyone, just a week ago, BTC price surged above $25,000, and many believe that bearish dominance may have diminished. However, all bullish action came to naught when the Fed chairman delivered an 8-minute speech on the US economy and inflation.
Nearly $70.63 billion in global market capitalization has evaporated, while U.S. stocks have lost nearly $1.25 trillion in the past 24 hours.
After plunging more than 8%, BTC price did try to overcome Bearish pressure, but the current sentiment does not seem to support the bulls. As such, the previous bearish pattern will all repeat, dragging Bitcoin to lower support below $16,000.
Bitcoin (BTC) price may not reach $100k in next 2-3 years!
STAR Over the past 8 months, the cryptocurrency has tumbled more than 70% from a high of $69,000. Therefore, if the trend is to correct, a rebound must have occurred a few months ago. Therefore, as the bearish trend continues and there are no signs of recovery, it can be assumed that the bears may remain strong through the end of 2022 and into the first half of 2023.
Therefore, even if BTC price starts to recover, the pace may still be lower than usual due to lower volume and lower volatility. According to a popular analyst, Bitcoin will drop to $11,000 by early 2023.
In addition, analysts believe that prices could rise as high as $75,000 by January 2025, thus distracting from the long-term sideways trend. possibility. Considering the current target, BTC price seems poised to rally and test local highs around $22,500 or $23,000 by the end of August.
This move may just be to close short positions and trap long Bitcoin longs at $22,000. But with a bearish early September, BTC price is expected to drop significantly, reaching the $16,000 level by mid-term. However, after hitting new lows, the asset appears confident of a strong rally that could propel Bitcoin above $20,000 in the coming weeks.
