Here’s Why This Expert Thinks Bitcoin Prices Might Fall
The data on Bitcoin price movement shows that it has been struggling. Bitcoin has infrequently gone down to the $18K price in the past three weeks. It mostly maintained the $19K price level in the past week.
It reclaimed the $20K mark on Tuesday last week but returned to its key level. As of Friday, it was trading at a price just above $19K.
Although the price of Bitcoin has been low, its price movements have been quite steady. The same cannot be said about the majority of other digital assets. The broader crypto market remains uncertain even as investors battle with increasing inflation.
Tighter monetary policy by the Federal Reserve and geopolitical crises are other areas of concern for many investors.
Detail On BTC Price
In the last 30 days, the largest cryptocurrency has remained around the $20K price level. According to experts, this might not be the end of the crash in its price. A report revealed that a price movement warning indicator, Bollinger bandwidth, has gone to its narrowest point. Experts compared the present data from the bandwidth to that of 2020 to discover a 5-time narrowed movement.
Only 1 time, out of the 5, a surge was recorded was its all-time high of $69K in October last year. The remaining 4 times revealed that BTC has dipped by about 16% in the past 20 days.
A swing can probably occur from the present position of BTC. Chances are that this could be a further drop in its price, as per experts’ viewpoint from the narrow Bollinger bandwidth.
Investors still feel uneasy about the crypto market, considering the historic collapse of the native token of Terra LUNA. Besides, the general crypto market is currently trading at a high volatility state in response to the regular market.
Will Bitcoin Recover Soon?
The number of available Bitcoin presently is 2.33 million, which is its 4-year low, according to Glassnode. In the meantime, around $2 trillion is already lost in the global market capitalization dating from November 2021 till now.
Bitcoin has dipped by about 60% in the last year and 1% in the past 1 day. This movement brings its price to approximately $19,500. There’s still a need to watch the market for a possible reversal.
Bitcoin trends sideways on the chart l BTCUSDT on Tradingview.com
Although the chances are slim, experts suggest that the market could witness a bullish turn in no distant time. All it takes to change Bitcoin’s trading range bottom end is a single piece of news about digital currency regulation.
Meanwhile, the general crypto market still anticipates the release of the United States inflation date slated for October 13.
Featured Image from Pixabay, Charts by TradingView