Although the leading crypto Bitcoin (BTC) started the year with a strong move, it could not maintain this momentum in February. This brings to mind, ‘Are more falls on the way?’ brought the question. A crypto trader and an analyst say ‘yes’ to this question.
“Bitcoin will drop below $20,000 this month”
cryptocoin.comAs you follow, the leading crypto Bitcoin (BTC) has experienced a price drop in the last 24 hours. At press time, the price of BTC is down 0.85% and is trading at $21,705 as a result. This 24-hour drop in BTC’s price contributed to its negative weekly performance. Currently, the price of BTC has dropped more than 7% in the last 7 days. Crypto trader Rekt Capital says that it has seen the first drop of BTC price in 2023, which can be seen on its monthly chart.
Rekt Capital adds that the price of BTC will likely target the psychological $20,000 level this month. This level is also the lower range of the current price channel created on BTC’s monthly chart.
In addition, there are two flags signaling a bearish reversal. The first sign that confirms a reversal in BTC’s price decline is the rejection of Bitcoin price by the $23.4k resistance level. The second confirmation is last week’s red weekly candle.
Finally, the tarder highlights the head and shoulders pattern currently forming on BTC’s daily chart. If this pattern materializes, Rekt Capital believes that the price of BTC will drop to the $18.1 region.
Weekly ‘death cross’ occurs in Bitcoin
Crypto analyst Sahana Vibhute assesses the technical outlook for Bitcoin. Crypto markets are trying to recover by giving the bears a tough fight. However, while the bears are profiting after small bounces, the bulls are unable to rein in the downtrend. The buying volume is largely dominated by the bulls. However, levels have dropped more than 16% since the early trading hours. This shows that the buying pressure that could be suppressed by the bears at any time is decreasing.
Next weekend is expected to be extremely important as the much anticipated ‘Weekly-Death Cross’ continues. BTC has been showing a bearish trend for the past few weeks. The additional weekly bearish bias could pave the way for the bears to drive prices down very drastically. Will the dreams and hopes of the bull market be crushed or will the bulls get stronger and rise again?
Bitcoin price is following a similar pattern, which has helped the price rise in the first two weeks of 2023. After struggling hard to maintain the critical support between $22,267 and $22,382, the price broke below the levels and consolidated within a descending parallel channel. If the price pattern repeats, the price could continue to consolidate within tight brackets and quickly drop below $20,000 in the coming days.
It can be a glimmer of hope when the volume rises significantly and triggers a backlash. But market sentiment is slowly turning around. The Bitcoin Fear & Greed index, which recently peaked at 65, has dropped below 50 out of 48. This indicates that the bullish sentiment has stopped and traders are now waiting for a pullback towards $20,000.
Therefore, next weekend could set the charts for next week’s trade. If the trend continues its downtrend, the price could drop to mark the bottom and a recovery could follow. Despite a rebound, market participants may not be sure if they will force the BTC price to stay largely below $24,000 by the end of the week.
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