Bitcoin worth nosedives 10% from $29k to beneath $25k resulting from bearish divergence formation and for completion of the Double High sample. Bitcoin market dominance has dropped beneath 50% and BTC price is buying and selling beneath the important thing 200-weekly transferring common. In the meantime, crypto concern and greed index slipped from 50 (impartial) to 37 (concern) in only a day. Would Bitcoin worth crash to $20,000?
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Standard Analyst Denies Bitcoin Crash Beneath $25,000
CrediBULL Crypto took to X on August 18 to reveal a major element missed by others in the course of the crypto market selloff. He believes Bitcoin (BTC) will outperform Ethereum (ETH) and most altcoins within the coming months for a brand new all-time excessive.
He highlighted that BTC held its native low whereas ETH broke its help within the current selloff occasion is “very vital.” Earlier than the rally to an all-time excessive, an analogous market correction occurred however nothing modified almost about HTF bullish market construction.
“For individuals who have been following me for a while, it’s possible you’ll keep in mind one thing related occurring when BTC was at 10k, again in 2020, proper earlier than our rally to 60k+. At the moment I used to be additionally anticipating a mega rally, led by BTC, to new all time highs (20k+) and I recorded a video pointing this exact same commentary out at the moment.”
CrediBULL Crypto doesn’t count on Bitcoin worth to fall beneath $25,000. Different analysts resembling Rekt Capital and Crypto Birb additionally agree with a bullish outlook for Bitcoin regardless of present unfavourable sentiment.
In the meantime, ETH price has rebounded to $1,683 after falling to a 24-hour low of $1,551. Experiences of attainable approval of Ethereum futures ETFs by the US SEC light merchants’ unfavourable sentiment on ETH. Altcoins resembling Conflux, XRP, Litecoin, ApeCoin, Bitcoin Money, and Sei fell greater than 10% previously 24 hours.
Merchants now await a choice within the Grayscale vs SEC lawsuit for a spot Bitcoin ETF approval and provides clear route amid uncertainty.
Additionally Learn: Can Grayscale Vs US SEC Ruling Today Rebound Bitcoin Price Back To $30K?
The offered content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
