Crypto and stock markets were hit by shocks on Thursday and Friday, which drove most equities and digital assets downward to the end of the week. The bullish sentiment suddenly dropped from neutral to fear after the recent Bitcoin price crash that triggered selloffs in the broader crypto market.
Veteran trader Peter Brandt has once again come up with a warning for the Bitcoin market. He revealed that BTC price is again retesting the neckline on the underlying inverted head-and-shoulders pattern. Peter Brandt predicts a BTC price fall and warns that a close below 24,800 would damage the daily and weekly graphs.
Market analyst Rekt Capital noted that Bitcoin had posted a very bearish technical signal. With the Double Top pattern now complete, BTC could soon see $26k as resistance rather than support as in trends downward.
Popular crypto analyst CrediBULL Crypto, Crypto Tony, and Crypto Birb predict $25k as the best price to buy the dip. CrediBULL Crypto predicted that Bitcoin price will not fall below $25,000 and a similar market correction happened before BTC price hit 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 Nears Inflection Point
BTC price trades at $26000, down 2% in the past 24 hours. The 24-hour low and high are $25668 and $26587, respectively. Furthermore, the trading has dropped 45% in the past 24 hours, indicating a decline in interest among traders.
Meanwhile, ETH price also fell 2% in the past 24 hours, with the price currently trading at $1660. It fails to hold upside momentum after reports that SEC may approve Ether futures ETF. The trading has decreased by 55% in the past 24 hours.
Despite the current dip, Bitcoin is still up nearly 50% year-to-date. Binance CEO “CZ” also noted the negative sentiment spreading in the market and suggested to “zoom out.”
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
