Bitcoins Bearish Trend Raises Concerns of a Potential Crash to $43,000
Bitcoin ntrs Sptmbr on downbt not, with both th monthly nd wkly closs highlightd concrning trnds, csting shdow ovr Bitcoins immdit futur. According to rcnt nlysis by Aln Sntn, tchnicl indictors suggst potntil crsh is on th horizon.
Sntn highlights ky support lvls brchd by Bitcoins rcnt pric ction s vidnc of brish trnd. Th cryptocurrncys filur to hold bov th 8, 13, nd 21-wk xponntil moving vrgs nd its rjction from stblishd support zons solidify this brish outlook.
Additionlly, th wkly clos blow th criticl $57,950 lvl, lvl brchd only onc this yr, dds wight to th downwrd momntum. Bsd on ths signls, Sntn prdicts Bitcoin could sink to lvls btwn $43,000 nd $38,000 in th coming wks.
Bitcoin Faces Persistent Selling Pressure
A significnt lck of buying prssur from trdrs supports this brish outlook. Dt from TrdingViw indicts bulls hv struggld to ovrcom prsistnt sll-sid prssur, suggsting significnt dclin in invstor confidnc.
Populr trdr Skw confirms this, noting sllrs hv domintd low-timfrm mrkt conditions. Whil h cknowldgs th prsnc of spot buyr round $58,000, Skw mphsizs th nd for brodr incrs in dmnd to rvrs th currnt trnd.
Th lck of intrst xtnds to th drivtivs mrkt s wll. Skw obsrvs gnrl disinclintion to opn nw positions t currnt prics, suggsting ngtiv or miniml funding rts in th nr futur. This trnd highlights th notion tht trdrs r xrcising cution, opting to wit for mor dfind mrkt dirction bfor r-ngging.
According to CoinGlss dt, th bulk of buying intrst pprs concntrtd round $56,750. Howvr, othr trdrs lik Mdr prdicts push towrds locl lows lik $56,000 or vn $54,000 bfor ny upwrd movmnt. Howvr, Mdr lso wrns of potntil drop to th August low of $49,000.
Dspit th brish sntimnt, som nlysts mintin n optimistic outlook. Cptin Fibik idntifis bullish flg pttrn on th Bitcoin chrt, suggsting potntil for n upwrd pric movmnt towrds $68,000 in Sptmbr if succssful bounc occurs from currnt support lvls of $54000.
Rnownd nlyst Titn of Crypto tks n vn boldr stnc, prdicting surg to stggring $110,000 bsd on th formtion of bullish Cup & Hndl pttrn. Whil cknowldging short-trm wit, Titn of Crypto rmins confidnt bout strong finl qurtr for Bitcoin. CryptoJllNL dds to th bullish chorus, projcting pric of $180,000 for Bitcoin by 2025.
Related Readings | Bitcoin Defies Historical Trends: Factors Point to Positive September
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Text source: TronWeekly
