It has been more than 60 days since bitcoin price consolidated below $25,000 and was looking for an opportunity for a breakout. The recent surge near $25,000 was seen as a resumption of an uptrend as the path towards $30,000 seemed pretty clear.
However, the recent price drop has pushed the asset lower, hurting sentiment among traders who now believe the July lows may be tested again.
While the entire crypto space was somewhat bullish on BTC price, a popular analyst, Crypto’s il Capo, always warned his 483.6k followers of the upcoming dump. While the plunge has bolstered the claim, the analyst believes Bitcoin’s bottom is not yet in.
Source: Twitter
As can be seen in the chart, the asset has broken away from the trend line and is therefore expected to flow out in a bearish trough. However, the analyst believes the price could surge above $22,500 or $23,500 after a sharp drop could pull it towards the main target of $16,000.
However, support at $19,000 is expected to hold the asset or the drop to lower levels could be imminent.
Overall, BTC price is on the verge of a notable price drop as the bearish flag formed could eventually pull the price below $20,000 from the current level of $21,253 initially.
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