The entire crypto market recently suffered a dump that nearly crashed the prices of all crypto pairs. BTC did not get counted out. As the leading crypto asset, most altcoins and tokens react in convergence to Bitcoin.
Usually, altcoins traders establish their trade sentiment firstly on BTC before proceeding to fix a position on any altcoin of their choice. These traders consider BTC an indispensable tool in their scale of confluences.
BTC has been trading in the red zone for quite a while now. Last two months, buyers managed to steal the show from sellers who had previously caused the market to bleed, but this only allowed sellers to gain more strength and momentum to shed more blood afterward. Despite the random ups in the market, a total of $2 trillion has gone insolvent by the market.
BTC Daily Report
Price debuted the week with a 1.18% decline from the previous day’s trading value. FUD was incited in the market by the US Federal Reserve (FED), which moved to combat inflation hawkishly and sent the market tumbling, losing 12% of its mark price in 3 weeks.
BTC Price Prediction by Technical Analysts
Peter Brandt, a technical analyst and crypto trader, forecasted a bearish turnout for BTC pairs. He said that buying BTC at the moment is not the right call as the market is still undergoing a bearish momentum. Despite BTC trading proximal to 21,400, which would be a support zone traders would consider price to set off upward from, Peter maintains his ground that sellers are not through.
Brandt says not to get carried away by the recent bullish candles that turned up after six weeks of consistently trading in a sell. To him, that is not a valid premise to verify a bullish reversal as it might simply be a retraction. He believes another impulsive dump can take place, sending the price way lower than in June.
A rising wedge pattern was formed and broken as it should on the daily timeframe. So, this has made Brandt reaffirm that there could be impending lower lows in the coming days if the current support where the price hovers does not hold stronger. A significant break below the zone would lead to Bitcoin prices falling drastically.
Another analyst who presented his bias on BTC is Micheal Van De Poppe. He thinks that bitcoin will likely hit $19.3k.
Fear Uncertainty and Doubt
A Major FUD with its grip on the market was a tweet by infinity hedge declaring that towards August end, MtGox will move 137k Bitcoin, an equivalent of $3 billion, to investors in cash flow. Data shows that back in 2017 when MtGox sold 24k BTC, the price dipped from 19k to 3k. It means that if MtGox goes through with the sale, there could be a massive fall in BTC price.
As a result of the information, sellers might regain an even stronger momentum in the market very soon. Perhaps after the sell-off, the market might begin gaining ground again.