The crypto market constantly attracts attention as one of the most exciting and volatile areas of the financial world. The total value of the market fell by as much as 2% overnight and does not seem to have fully recovered from this drop. During this period, investors are closely following the latest movements in Bitcoin’s price, and many analysts are making predictions about what the crypto leader will do.
One of these analysts is leading crypto analyst Ali Charts. Ali Charts predicts that the Bitcoin price may decline by 5% is located and bases his prediction on the breakout point of a symmetrical triangle observed on Bitcoin’s two-hour chart.
#Bitcoin has showcased a breakdown from a symmetrical triangle on its 2-hour chart!
Given the triangle’s y-axis height, we might anticipate a 5% correction in $BTCpotentially heading to $26,200. pic.twitter.com/SdrrjcX1hs
NEWS CONTINUES BELOW— Ali (@ali_charts) October 9, 2023
As seen in the chart above, the analyst believes that the leading digital currency could expect a 5% correction in the near term, potentially pushing the price to $26,200. Symmetrical triangle formations play an important role in technical analysis and indicate that the price is stuck in a narrowing range. During this squeeze, a balance occurs between buyers and sellers, and the triangle pattern that shows this balance helps us predict which direction the market may move. Usually, such formations indicate a large price movement when the price breaks out of this narrowing range.
While Bitcoin is currently bearing the brunt of the selling pressure in the market, other altcoins are falling much faster, helping to reassert BTC’s dominance above the 50% reference point.
On the other hand, while technical indicators are generally not optimistic, the fundamentals surrounding Bitcoin suggest a medium to long-term bullish case for investors holding the current asset.
Expectations for the Bitcoin spot Exchange Traded Fund (ETF) product are quite high. The launch of this ETF is considered one of the most promising factors that can trigger new capital inflows into cryptocurrencies. The upcoming Bitcoin halving event is also of great importance for the cryptocurrency market. Halving the reward amount for Bitcoin miners could have a huge impact on the price of Bitcoin due to its limited supply. Past halving events have led to significant increases in the value of Bitcoin. Therefore, the upcoming halving event is also touted as a promising development for the market.
Bitcoin remains the leader for the industry and many believe that despite this ongoing sell-off, Bitcoin is still the best asset to trust for long-term gains. This belief reflects Bitcoin’s resilience and growth potential.
You can follow the current price movement here.