13.9 C
April 12, 2024
BTC Hunts
Image default

Top Analyst Predicts a Massive Bitcoin Crash in August or September-Here are the Bearish Targets!

The post Top Analyst Predicts a Massive Bitcoin Crash in August or September-Here are the Bearish Targets! appeared first on Coinpedia Fintech News

Bitcoin has continued to hover around $30,600 since the early trading hours, with reduced volume and volatility. Some see this as a massive buying opportunity as the BTC price is accumulating strength to trigger a massive upswing, but in the longer time frame, the price may be subjected to a huge downfall. According to a popular analyst, Tolberti, the BTC price may drop back to close to $27,000 soon. 

In the short term, the price has formed a bullish pattern and is trading within a bull flag; hence, an interim breakout may be possible. The upswing may raise the levels above $31,000 and is also believed to rise above $32,000 and mark new 2023 highs around $32,300 before triggering a massive plunge. The analyst believes the price is set to drop from these levels and reach below $27,000. 

The price of Bitcoin recently surged above the falling wedge pattern with a very strong impulse wave. As their is an unfilled FV Gap on a previous breakout point, and the price tends to go back and retest it. In the present case, the breakout from the falling wedge is believed to undergo a retest at the trendline or retest the breakout point of the wedge to fill the gap. In short, a 0.618 FIB retracement of the impulse wave may be happening ahead. 

Besides, from the Elliott wave perspective, the price has completed the impulse wave that may head towards a retracement. Moreover, the analyst believes that the price may begin to drop in the coming week and prevail until it reaches the lower support. 

Related posts

Here’s Why Bitcoin Longs are Vulnerable to a Washout, Will This Impact the BTC Price?

David Bradley

SOL Price: Can Solana Maintain its Momentum and Achieve a New Yearly High?

David Bradley

Cardano Price Analysis: Analyst Maps Bullish and Bearish Levels For ADA Price

David Bradley