Bitcoin may aim for another retest of a crucial price level that prevents digital gold from entering another bearish cycle, which appears to be the next logical target given that the first cryptocurrency was unable to breach $25,000, according to the daily cryptocurrency chart.
Bitcoin may drop if it falls below this level
After dropping below $20,000 in June, bitcoin has been trading in a rising wedge for more than a month. Since then, the value of Crypto King has increased by more than 25%, with occasional jumps to a 30% increase in price.
BTC/USD trades at $24k. Source: TradingView
Unfortunately, one pattern – a declining volume profile – has kept the market as a whole cautious and indicated that traders and investors are not supportive of the current trend.
When the market is again under intense selling pressure, it can eventually end in a downward volatility. A break below the lower boundary of the wedge at $23,400 marks the precise start of the reversal. Fortunately, the lower bound coincides with the support level of the 50-day moving average, which often acts as a guideline for the trading assets.
Peter Schiff Says Bitcoin Could Drop Below $10,000
Economist and ardent Bitcoin opponent Peter Schiff has reiterated his bleak view of the Bitcoin (BTC/USD) price, speculating that the benchmark cryptocurrency could drop below $10,000.
Putting the “rise of bitcoin” into perspective shows that the bears are still in control, according to Peter Schiff.
Just to put a file # bitcoin Gather in perspective, take a look at this graph. The pattern is still very bearish. There is a double top and a head and shoulder. There is a rising wedge forming below the neckline. At a minimum, the support will be tested at less than $10,000. see below! pic.twitter.com/OHNhwsgxxs
– Peter Schiff August 14, 2022
In June, bitcoin hit a low of $17,600 as the bear market deepened and the broader cryptocurrency market experienced instability.
Bitcoin’s recent rally to highs at $25,000 and a retest of support was mentioned in Schiff’s tweets on Monday, as he reiterated his earlier prediction that BTC would reach $0. However, despite the pessimistic predictions of gold advocates regarding BTC, Michael Saylor of MicroStrategy insists that “Bitcoin is hope.”
According to Saylor, fiat devaluation amid hyperinflation in countries like Argentina makes BTC the best alternative for people. Thus cryptocurrency offers more than just an investment. he is chirp:
This week the benchmark interest rate reached 69.5% in Argentina. It increased by 1,750 basis points in two weeks. The official inflation rate jumped to 71%. It is expected to exceed 90% by the end of the year. Bitcoin is more than just an investment. Bitcoin is hope.
Featured image from Shutterstock, chart from TradingView.com