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June 18, 2024
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Bitcoin Price Analysis: Will BTC Price Drop To $26K In the Coming Week?

The post Bitcoin Price Analysis: Will BTC Price Drop To $26K In the Coming Week? appeared first on Coinpedia Fintech News

Bitcoin, the popular digital currency, briefly surged above $30,000 earlier this week before facing challenges in maintaining its upward momentum. As of Friday’s early London session, Bitcoin is trading at around $29,400. The supporters of Bitcoin are working to keep the price above $29,300, hoping for a rise to $34,000. Interestingly, some other cryptocurrencies like Shiba Inu (SHIB) and Solana (SOL) have outperformed Bitcoin recently, with gains of 20% and 7% respectively.

While the Consumer Price Index (CPI) data on Thursday had a minimal impact on Bitcoin’s price, the focus has shifted to the Producer Price Index (PPI) report released today.

A Look at Bitcoin’s Future Price Action

A respected crypto analyst known as Profit Blue, who has a good track record in predicting trade outcomes, suggests that Bitcoin has been forming a pattern resembling a bear flag over the past few days. This pattern makes it less likely for the price to reach $30,000 again this year. The analyst anticipates the price to potentially drop to around $26,500 in the next few weeks.

The analyst identifies a key range between $29,500 and $30,200. If Bitcoin manages to rise above this range in the coming weeks, the predicted price drop may not occur. On the other hand, if the price falls, the analyst expects temporary support to be found between $28,500 and $28,900.

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