A broadly adopted crypto analyst is diving deep into Bitcoin’s (BTC) newest market tumble, making an attempt to discern simply how low it could go.
In a publish shared together with his 350,200 followers on the social media platform X, pseudonymous crypto dealer Rekt Capital makes an attempt to reply a easy query – may BTC hit $22,000 in September?
“May Bitcoin Crash to $22,000 In September?
To reply this query, we have to first give attention to August.
What was the worst BTC August drawdown in historical past?
-17% in 2014 and -18% in 2015.
At present, in 2023, BTC is now down -16%.
If BTC had been to drop -18% this August, BTC would drop to ~$24,700.
However that may not be the top of the retrace.
The analyst offers two the reason why he thinks this may not be the top of BTC’s woes.
1) BTC is forming a Double Prime,
And a couple of) BTC tends to expertise single-digit drawdown in September.”
A double high is a bearish reversal sample in technical evaluation. It happens when an asset’s value hits a excessive level twice, with a small decline in between. The sample is confirmed when the worth falls under the earlier low between the 2 excessive factors.
In line with Rekt Capital, affirmation of the double high may lead to double-digit share losses for BTC – taking the king crypto right down to $22,000.
“So if BTC retraces, say, a further -10% in September…
That might imply value would drop to ~$22,200
Then that will roughly match the Measured Transfer goal for the Double Prime breakdown of ~$22,000.”
BTC is price $25,915 at time of writing.
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