Bitcoin price has now been rejected from $24,000 for the “nth” time and looks set to decline well below $23,000 in the coming days. While buying volume appears to have eased off over the past few days, the chances of a quick recovery also seem pretty slim. Therefore, a significant decline is to be expected in the coming days.
With the current price action, BTC price is showing a few chances of falling within a deep bearish trend. As suggested by the popular analyst, the star crypto currently has two options and unfortunately both are bearish.
$BTC
Two options, both bearish.
1) Up to 25,400-25,500 and then reversal of this mid to bullish trend, straight to new lows.
2) Straight to new lows from here.
Bearish confirmations: below 23500 and below 22500
Bullish continuation: consolidation above 26k pic.twitter.com/zhEOYgdqMv
— il Capo Of Crypto (@CryptoCapo_) August 16, 2022
The analyst here says that bitcoin prices could surge high above $25,000 and eventually fall sharply to also reach $23,500 or $22,500. In an extended case, BTC price could continue to plummet and form new lows.
Conversely, BTC price can confirm a bullish confirmation if the asset is above $26,000. However, the chances of such a breakout seem quite slim as the asset shows no bullish momentum in the near term according to the chart released by the analyst.
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