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The post Bitcoin Price Forecast: BTC Price At Risk Of Dropping Below $25K If Historic Pattern Repeats appeared first on Coinpedia Fintech News
Despite the sudden decline in cryptocurrency valuation in the past 24 hours, the amount of Bitcoins (BTC) held on centralized exchanges did not experience a significant change. Instead, a notable outflow of Bitcoins from centralized exchanges was recorded before the BTC price suddenly dipped towards $26.3k on Thursday.
Earlier this week, serial investor Michael Burry made headlines after he shorted the stock market with $1.6 billion. Even before the first weekend, Burry’s trade was already in profit after Chinese construction giant Evergrande filed for bankruptcy protection and major treasury bonds continued to crash.
Crypto Analysts Take on Bitcoin Price Action
Having initiated a new falling trend, Bitcoin price is likely to experience even more volatility over the weekend. Most crypto investors will be watching for the weekly close, as Bitcoin price is currently below the 200 Weekly Moving Average, amid the glaring uncertainties of the death cross with the 50 WMA. If the bearish sentiment sustains in the coming days, Bitcoin price is likely to fall towards $25k, which is the next notable support zone.
According to popular digital asset analyst Rekt Capital, Bitcoin has historically performed poorly during August in the pre-halving year, with a high possibility of an 18 percent dip.
A similar stance was issued by Amsterdam-based crypto analyst and influencer, Michaël van de Poppe, who noted that a V-Shape rebound for Bitcoin is around the corner. Just like the rebound recorded in March and June, Poppe expects Bitcoin price to soon rebound fueled by high-impact news like Grayscale ETF.
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