Here’s How Bitcoin Can Fall To $19,000, Analyst Explains

Arman Shirinyan

Bitcoin could lose some of its value if bulls fail to sustain it above $22,000

According to Blockware analyst Will Clemente, a pivotal moment has arrived for Bitcoin in the market as the first cryptocurrency could dip back below $20,000 if it breaks out of the range it has been consolidating in for the past 5 days.

As the chart shared by Clemente suggests, bitcoin is currently holding the 200 WMA support line and the highlighted price range, which are the only two things stopping it from falling back to the $19,000 level.

Basically either bounce here or it will likely head for range lows.

Would turn bearish in the near term if it falls back into the range. (below the purple box) https://t.co/nVOxj84Ht7 pic.twitter.com/plllDPvQQL

— Will Clemente (@WClementeIII) July 23, 2022

A drop below $22,000 could bring digital gold back to price levels not seen by the market for the past two weeks. The main problem with BTC’s current state is the lack of near-term support zones that will protect the cryptocurrency from falling into the abyss again.

Fortunately, technical analysis is the only thing that suggests Bitcoin is losing control above $22,000. The inflow data and trading volume are still rising, which are direct signals of continued bull support for the coin.

To sue

Bearish news is not pushing bitcoin lower

Fortunately, the recently discovered facts that Tesla has sold 75% of its Bitcoin holdings and the European Central Bank’s sharp hike in interest rates have not caused unusual volatility in the market, which is currently favorable for Bitcoin.

As the analysis suggests, Bitcoin needs a little more time to consolidate at local support levels to show the market a more stable rally going forward as larger retail and institutional investors are still reluctant to make any significant inflows into the cryptocurrency market .

At press time, BTC is changing hands at $22,722 and is up 1% over the past 24 hours.

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