Bitcoin has dropped to one-month lows, and predictions for its price seem to indicate that things will only get worse. How much lower can bears go?
Bitcoin’s price has dropped to one-month lows, and traders are increasingly anticipating further declines.
The cost of bitcoin drops to a month-low.
The performance of the BTC price has declined recently; BTC/USD reached $28,850 on July 24, according to data from Cointelegraph Markets Pro and TradingView.
Market players are still not sure that the biggest cryptocurrency has fully recovered despite a brief uptick.
During a significant macroeconomic week, Cointelegraph examines the forecasts for cryptocurrency and risk assets at the moment.
For the final leg down, $28,500?
The previous decline to Bitcoin’s lowest level since June 21 was perfectly anticipated by well-known trader Crypto Ed.
Now, he predicts that there will be a last break into purchase liquidity, driving BTC/USD to about $28,500. A consolation bounce to $29,400 might occur first.
In his most recent YouTube video, he stated, “If we do get a move like this, then I’m looking for a setup for more downside and possibly $28,500 – 400, more or less.”
Crypto Although Ed displayed a second target box with values as low as $27,800, he admitted he was not certain that Bitcoin would reach that level.
To “stop out” bidders, low $27,000s
Before last-minute long entries get appropriately burned, Bitcoin’s downside might push it toward $27,000, according to trading partner Crypto Chase.
As BTC/USD declines, speculators should end up placing bids at significant price levels, such as $29,200, $28,500, and $28,000, as he predicted earlier in July.
He continued to believe that this was the most likely outcome in an update on July 24.
“Most of them are still my thoughts. Strong R/R possibilities are behind us, and acceptable entries were not presented based on my techniques; therefore, I am unable to short at this time, he admitted to his Twitter followers.
Relevant Fibonacci retracement levels for the daily chart were displayed on a chart that was included.
Moving averages need to be tested again.
Numerous traders are avoiding Bitcoin until a clearer trend can be seen before a string of crucial macroeconomic events in the United States.
Related: 2023’s largest decline in mining difficulty This week’s top five Bitcoin facts
However, a number of moving averages continue to serve as significant dividing lines, including the 200-week and 21-week at $27,130 and $28,200, respectively.
According to Keith Alan, co-founder of the monitoring service Material Indicators, “Bitcoin is testing support in a key zone of historical significance” on July 24.
