Hello dear readers, this time I wanted to share with all of you some analysis on the current Bitcoin price action development, this if we take into account that in the face of the recent FED announcement the cryptocurrency market suffered a new setback and with it destabilized and increased volatility in the cryptocurrency market.
As noted, Bitcoin's price action since the last all-time high began a sharp decline that has brought it down to an estimated 72%, so, in light of the Fed's announcement, the bearish situation for Bitcoin begs the question; has the bottom been reached in the current cycle?
After the resounding setback of Bitcoin to the USD 18,000 area, conjectures began to be part of the day some positive and some not so much, in this sense the famous analyst "Rekt Capital" the weakness shown by the price action of recent days, reflected in that USD 20,000 has ceased to be a price support to be part of the new range of resistance that certainly the lower level will be below the USD 18,000.
According to "Rekt Capital", Bitcoin's price action is developing the famous death cross pattern, which would imply a further decline so if a new Bitcoin bottom is to be recorded between 517 and 547 days before the next Bitcoin Halving in April 2024, then such a floor should occur during the last quarter of this year.
The analyst states that price pullbacks when previous bearish crosses occurred have been in the range of -42% to -73%. While it is impossible to predict how far the price will fall, assuming the worst case scenario would involve a drop to the $11,000 level.
SOURCES CONSULTED
Rekt Capital. New Lows Ahead For Bitcoin?. Link
OBSERVATION:
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