Home » Crypto Analyst Unpacks Vital Query for Bitcoin Merchants – May BTC Drop to $22,000 Subsequent Month?

Crypto Analyst Unpacks Vital Query for Bitcoin Merchants – May BTC Drop to $22,000 Subsequent Month?

by CoinVeem

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.

Why?”

Supply: Rekt Capital/X

The analyst offers two the reason why he thinks this may not be the top of BTC’s woes.

“Two causes:

1) BTC is forming a Double Prime,

And a couple of) BTC tends to expertise single-digit drawdown in September.”

Supply: Rekt Capital/X

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.”

Supply: Rekt Capital/X

BTC is price $25,915 at time of writing.

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Featured Picture: Shutterstock/Jorm S



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