Bitcoin may be aiming for another retest of a crucial price level that prevents the digital gold from entering another bear cycle, which appears to be the next logical objective given that the first cryptocurrency was unable to break through $25,000, according to the cryptocurrency’s daily chart.
Bitcoin could fall below this level
Bitcoin traded in an ascending wedge since June after falling to $20,000 below its June price. Bitcoin’s value, which is the most valuable cryptocurrency, has increased more than 25% over the last month. There have been occasional price increases of up to 30%.
BTC/USD Trades on $24k Source: TradingView
Sadly, one pattern—the decreasing volume profile—kept the market as a whole cautious and signaled that traders and investors are not supporting the current direction.
The market can experience a reversal if it is subject to intense selling pressure. A dip below the wedge’s lower border at roughly $23,400 would mark the precise start of the reversal. The threshold is coincident with the critical 50-day moving mean support level which often serves as a guideline to trending assets.
Peter Schiff: Bitcoin may go below $10k
Peter Schiff (economist and fierce opponent of Bitcoin) has reiterated his negative outlook on Bitcoin’s price (BTC/USD), while speculating that Bitcoin may fall below $10,000.
Putting Bitcoin’s “rally into perspective” demonstrates that bears are still firmly in control, according to Peter Schiff.
Let’s just say that the #BitcoinThis chart will help you put the rally in perspective. This pattern is still very bearish. There’s both a double top and a head and shoulders top. There’s a rising wedge forming below the neckline. A minimum level of support below $10K will be assessed. Keep an eye out for these! pic.twitter.com/OHNhwsgxxs
— Peter Schiff (@PeterSchiff) August 14, 2022
Bitcoin reached a record low of $17600 in June as the bear markets grew, and the overall cryptocurrency market was unstable.
Bitcoin’s recent climb to highs of $25,000 and retest of support were mentioned in Schiff’s tweets on Monday, in which he reiterated his previous prediction that BTC will reach $0. However, despite the gold advocate’s dire predictions for BTC, Michael Saylor of MicroStrategy insists that “Bitcoin is hope.”
Saylor claims that the combination of runaway inflation and the devaluation fiat currencies leaves BTC the most viable alternative. The cryptocurrency is therefore more than an investment. The cryptocurrency is also a way to make a profit. tweeted:
“This week the benchmark interest rate reached 69.5% in Argentina. In just two weeks, it has risen 1750bp. It has risen to 71%. By year’s end, it is projected to rise above 90%. Bitcoin is not just an investment. Bitcoin is hope.”
Featured Image from Shutterstock. Chart from TradingView.com