BТС price prediction: What's in store for BTC in the short term?
BТС price prediction: What's in store for BTC in the short term?
Despite the fact that the price of Bitcoin does not stop trying to overcome the $27,000 mark, the technical analysis of the situation points to a possible fall of the largest cryptocurrency below $22,000.
In August, information about new applications for Bitcoin ETFs and concerns about the liquidation of FTX contributed to the exit of BTC from the borders of the horizontal trading range ($25,650-26,670), but traders were able to keep Bitcoin within these boundaries, which formed a "bear flag" pattern.
Currently, the price of BTC is up by 0.53% to $26,668.87.
It is worth noting that the bear flag pattern will disappear only when the price leaves the range boundaries and falls to the level of the previous downtrend. Such a price consolidation will bring BTC down to the $23,000 level.
At the same time, some analysts point out that the price of Bitcoin has already reached the bottom of the ongoing bear market and is ready to demonstrate a long-term bullish trend. Confirmation of their opinion will be a sharp rise in BTC above the $28,350 level.
In addition, Bitcoin is about to form a "death cross" pattern between the 50- and 200-day exponential moving averages (EMA), which could cause the price to collapse to $21,750.
Also read: Will sellers be able to maintain control over ETH?
