Tuesday, August 16, 2022

Analyst warns BTC could retest $3,000 before surging again

The Takeaway:

After the price of bitcoin crashed on Tuesday analysts are predicting a grim future for the leading cryptocurrency. An analyst has warned that bitcoin is likely to retest at $3,000 before reaching a new time high. Bitcoin broke the descending triangle pattern as the price fell in double digits for the fourth time this year.

A crypto analyst has predicted that bitcoin will retest at $3,000 before reaching a new all-time high. Currently, bitcoin is trading at $8,450. The price of the leading cryptocurrency took a massive hit on late 24th September after it slumped down from $9,500 to $8,000. The analyst claimed that bitcoin is currently in the bear market. 

The predicted that the price of bitcoin would touch $3,000 in the next two weeks. For bitcoin to dive down to $3,000, it would have to fall more than 75% from the recent highs. Currently, Bitcoin is below 21 weeks monthly average, and if it continues to remain below, it is most likely that the price will retest at $3,000 the analyst added. 

Earlier, CEO of Euro Pacific, Peter Schiff predicted that bitcoin might drop to $4,000 or lower. He tweeted that bitcoin had seen a major top and the risk is high for the price to go below $4,000. Schiff is not the only one who is bearish on the bitcoin. Several other analysts have echoed the same opinion. 

Bitcoin’s recent fall has confirmed test support near $7,500. Analysts had observed a descending triangle pattern that the bitcoin was following, and on Tuesday it broke below it as the price of bitcoin fell in double digits for the fourth time this year. 

Let us know in comments where do you think bitcoin is heading after the recent crash?

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

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