Fun

Bitcoin price downside may last 2 months — Analysis

News Feed - 2024-08-05 09:08:55

Zoltan Vardai11 hours agoBitcoin price downside may last 2 months — AnalysisBitcoin could experience another two months of downside pressure before a bullish chart pattern could lead to a breakout.7605 Total views9 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBased on historical price movements, the current Bitcoin crash could last nearly two more months before a new bullish chart pattern leads to a price breakout, according to analysts.Bitcoin’s downside deviation could last nearly two months — Analyst


The Bitcoin (BTC) price is currently experiencing a downside deviation that could last nearly two months, according to popular analyst Rekt Capital.


The analyst wrote in an Aug. 3 X post:“Bitcoin has returned to the Range Low area, with scope still for additional downside deviation in the near future. And currently, at ~110 days after the Halving, Bitcoin is slowly getting closer to its historical breakout point of 150-160 days after the Halving.”BTC/USD, 1-week chart. Source: Rekt Capital


Bitcoin price briefly crashed below $50,000 on Aug. 5 after the Bank of Japan announced that it was raising its interest rate from 0% to 0.25%.


Japan’s decision had a direct impact on the United States stock market and Bitcoin price as well, as traders borrowed Japanese yen at low interest rates to buy assets in the US market.


The crypto market experienced a $510 billion loss in total market capitalization, marking the biggest three-day sell-off in over a year.


Related:Crypto market crash triggered by "aggressive" selling by Jump Trading - reportBitcoin could break out from a macro bull flag after the downside deviation


Despite the gloomy outlook, an emerging bullish chart pattern is inspiring more optimism among crypto holders.


Bitcoin price could see a breakout due to an emerging bull flag — a bullish chart pattern that is used to spot upcoming rallies — according to popular analyst Satoshi Flipper, who wrote in an Aug. 4 X post:“The most epic bull flag in $BTC history has been forming for 7 months now, imagine being upset about this.”Bitcoin bull flag on the daily chart. Source: Satoshi Flipper


Bitcoin also seems to be forming a bull flag on the monthly chart, according to crypto analyst Elja, who wrote in an Aug. 4 X post:“BTC giant bull flag. The Bitcoin breakout pump will be legendary.”Bitcoin bull flag, monthly chart. Source: Elja


However, in the shorter term, Bitcoin’s downtrend could potentially extend to the $42,000 mark, according to Alex Kuptsikevich, senior market analyst at FXPro.


The analyst told Cointelegraph:“At its lowest point, Bitcoin dipped below its 50-week moving average. Without strong buyer support right now, it goes even lower, and it would trigger an even more active sell-off as it did in late 2021 and early 2022. If it doesn’t hold either, it’s worth preparing for a failure toward $42,000.”


Related:$35T US national debt could bolster Bitcoin’s adoption as ‘hard money’


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Markets# TradingAdd reaction

News Feed

Ana Paula Pereira7 hours agoUS lawmakers advance legislation blocking the digital dollarOn Sep. 20 the House Financial Services Committee will mark up two bills blocking a potential digital dollar in the United States.52
Do Kwon Dissolved Terraform Labs Korea Days Before Collapse of Terra LUNA, UST
Do Kwon Dissolved Terraform Labs Korea Days Before Collapse of Terra LUNA, UST Official records show Do Kwon dissolved Terraform Labs Korea, closing down its headquarters and sole
El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant Scare
El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant Scare As reports of a new Covid-19 strain spread, tanking the price of many cryptocurrencies, El S
Bahamas Corrections Commissioner Says FTX Co-Founder Bankman-Fried Is in ‘Good Spirits’ in the Prison Sick Bay
Bahamas Corrections Commissioner Says FTX Co-Founder Bankman-Fried Is in "Good Spirits" in the Prison Sick Bay According to local reports, former FTX CEO Sam Bankman-Fried (SBF) is
Analyst Who Called XRP Price Surge At $0.5 Says Surge To This Level Is Coming
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Lucrosus Capital CEO Piotr Barbachowski Explains the Benefits of Decentralized Venture Capital
Lucrosus Capital CEO Piotr Barbachowski Explains the Benefits of Decentralized Venture Capital Lucrosus Capital is the first gamified Decentralized Venture Capital (DeVC) providing
Floki Inu warns of fake tokens on Solana and Base blockchains
Amaka Nwaokocha53 minutes agoFloki Inu warns of fake tokens on Solana and Base blockchainsFloki Inu urged its community to obtain token information only from official sources to prevent falling victim to these fraudulent
Rakesh Upadhyay6 hours agoPrice analysis 11/13: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINKBitcoin opened the week with a shallow correction, but altcoin traders seem unaffected by the slight BTC price pullback.27
Bitcoin Miner Genesis Digital Assets Secured 708 MW in Capacity During the First Half of 2022
Bitcoin Miner Genesis Digital Assets Secured 708 MW in Capacity During the First Half of 2022 This week the bitcoin mining company Genesis Digital Assets announced that the firm ha
Binance-backed pSTAKE Finance launches Bitcoin liquid staking solution
Zoltan Vardai10 hours agoBinance-backed pSTAKE Finance launches Bitcoin liquid staking solutionpSTAKE is among the most recent protocols making Bitcoin a yield-generating asset with more capital efficiency.1669 Total vie
Microsoft to Offer Mesh, a Corporate Metaverse for Teams
Microsoft to Offer Mesh, a Corporate Metaverse for Teams Microsoft has announced the launch of a metaverse-inspired feature for its Teams app called Mesh. Mesh will allow users to
Tom Mitchelhill4 hours agoCan PEPE make a comeback? Traders, analysts and Pepe maxis weigh inCointelegraph also spoke to developers purportedly behind a new PEPE token spin-off, who claim the new one is everything “the