Bitcoin price recently completed a two-month surge that resulted in a price increase to over $25,000; consequently, investors are now concentrating on the cryptocurrency’s next target price.
- After a 2-month increase, Bitcoin prices rise to $25,000
- Bitcoin’s price is dropping; Bitcoin looks bearish
- BTC trading at $21,498.36, down 0.12%
Bitcoin (BTC), the most popular cryptocurrency is showing negative sentiment, having first displayed bullish indicators. Now, the flagship cryptocurrency is fighting to maintain its value above $20,000.
CoinMarketCap, a cryptocurrency forum, predicts that Bitcoin will see a 36.75% increase in price by September 2022. It is currently trading at a price of $29,000.
The target price was determined by the votes of approximately 20,683 members.
BTC Cannot Surpass $25,000 Because Of Macroeconomic Conditions
Bitcoin’s price fluctuates around $21,000 Even though Bitcoin’s recent rally tried to lift the asset out of a prolonged bear market, the community’s forecast is still optimistic.
The crypto market reacted poorly to the Federal Reserve’s decision to raise interest rates amid the rising inflation, but BTC’s failure to surpass $25,000 has emerged as macroeconomic concerns continue to take center stage.
Bitcoin had dropped 10% in the week before publication. Bitcoin Price Stabilizes Above $21,000 – A Major Shift is Soon to Come
Chart: CoinMarketCap
Katie Stockton is the founder and managing partner of Fairlead Strategies. She says that Bitcoin’s price, which is the most widely used cryptocurrency, will retrace at least $18,300.
According to Stockton the largest coin in world fell below 50 days moving average. This could indicate a significant fall.
Despite the turmoil, cryptocurrency trading specialist Michal van de Poppe said in a tweet on August 23 that Bitcoin is stable and could derive some advantages from the Eurozone’s activities.
BTC’s past performance has shown a tendency for it to fall between 14% and 28% below the 200 MA. According to him, the BTC price dropped by 21% from mid-June below the 200 week MA. This is in line with previous data.
Stockton Forecasts Bitcoin Price Long-Term Decline
Analysts now believe that the risk of long-term decline in cryptocurrency’s value is higher because it has lost its momentum. Stockton predicts that the largest cryptocurrency’s price will soon settle.
Stockton says it will fall to low $18,000 levels after a temporary rally.
This year’s unfavorable macroeconomic environment has had an impact on cryptocurrency markets. Bitcoin trades at 69% off its peak price.
BTC Total Market Cap at $414 Billion on the Daily Chart | Source: TradingView.com Featured Image by Bernard Marr. Chart from TradingView.com