Giving important indications for a breakout to the upside bitcoin, unexpectedly re-entered the “bearish look” and struggled to stay above the $20,000 level. The price offered an optimistic outlook around the $25,000 levels before the bearish pressure re-established.
The CoinMarketCap community, on the other hand, started to share their predictions for the next rally and possible price target, as if trying to forget the drop. The forecast data on the website currently has an average price estimate of $29,346, while this target is estimated to be reached by the end of September 2022. 20,683 members have participated in the voting so far.
The fact that the prediction made by the community is “on the rise” is actually surprising. Bitcoin could not perform well throughout 2022 and continued to prolong the bear market with the latest drops. However, when macroeconomic factors were added to the inability to break the $25,000 level, the decline was inevitable.
Bitcoin Struggles to Stay Above $21,000
Although the price of Bitcoin was at the level of $ 21,300 at the time of writing, it has lost an average of 10% in the last seven days. The declines experienced frequently triggered the price to drop below $21,000.
The high volatility Michael van de Poppe interpreted differently. According to the experienced name, Bitcoin has a fairly stable value against the mobility in the Euro zone. Adding that BTC could get a little stronger from the Eurozone, it could become much stronger, van de Poppe shared a different comment.
Will the Fixes Continue?
crypto analyst Rect Capital is among those who think that the Bitcoin price may show more corrective movements. The biggest factor behind Rekt Capital’s opinion was that the price fell below the 200-week moving average.
“Historically, $BTC has been trending down -14% to 28% below the 200-MA. In fact, BTC has already dropped -21% below the 200-week MA in mid-June, which is very much in line with historical numbers.”
After the recent correction in Bitcoin price forced the market to struggle to protect $1 trillion in capital; as a result, the focus is now on when the winter market will end.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.