Bitcoin is predicted to fall to $ 10,000
August 22, 2023 4:24 pmVideo
Latest News
- Outlook for EUR/USD on April 17. A boring Monday seamlessly transitioned into a boring Tuesday April 17, 2024
- Will the euro manage to save itself? April 17, 2024
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
In the 4-hour timeframe, Bitcoin left the second lateral channel and then plummeted downward like a stone. As a result, traders had enough time to open short positions. The price is only a few hundred dollars short of reaching the $25,211 level, but we believe this level will be reached without any problems. This level should be considered alongside the $24,350 level. Thus, a rebound from this area will lead to a spiral of upward movement. At the same time, a breakthrough will allow for an expectation of an even greater decline in the world’s first cryptocurrency, which many “experts” continue to predict will have a minimum value of $100,000.
Meanwhile, analysts from CoinShares reported that outflows from cryptocurrency products totaled about $55 million for the week of August 12-18, although inflows equaled $28 million the previous week. As we can see, institutional investors are more likely to be divesting from their buying positions than the opposite. Of course, the market was hit hard by the SEC’s decision to postpone reviewing Bitcoin ETF applications until next year, as well as news about Tesla selling coins worth $300 million, but what were people expecting? Eternal purchases and eternal investments in Bitcoin? Over six months to a year, “digital gold” has been trading more like a market. It can remain stable for several months (stability), and the percentage of price changes has significantly decreased (volatility). Bitcoin is currently much more attractive than it was a year and a half to two years ago, as the hyper-volatility of Bitcoin repels many traders and investors.
At the same time, an analyst under the pseudonym Tolberti stated that Bitcoin could drop to $10,000 per coin. The price has fallen below the 200-week and 20-month moving averages, and a “bearish flag” forms on the chart. Tolberti also noted that since the fall of 2021, Bitcoin has fallen by more than half, while gold has increased in price by 2% over the same period. Therefore, the answer to the question of where to invest seems obvious. We want to remind you that the global downward trend that began in 2021 may not be over yet, and the rise from $15,000 to $30,000 may be an upward correction within this trend.
On the 4-hour timeframe, the cryptocurrency continues to decline as we expected. Since the price has left the two lateral channels, we expect a further decline of $500-$1000. Of course, it is too late to sell now; we must wait for new signals. And before they form, there may be several more weeks of flat trading, as this is how Bitcoin has moved in recent months and years. We are waiting for the area of $24,350-$25,211 to be reached, after which we will decide what to do next.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: