Gloomy Crypto Price Prediction: Bitcoin Is Falling in Value. The Worst Isn't Over Yet.

Gloomy Crypto Price Prediction: Bitcoin Is Falling in Value. The Worst Isn’t Over Yet.

22 August 2023

Here is some gloomy crypto price prediction. Bitcoin fell, and other cryptocurrencies were neutral on Monday, following a spectacular selloff late last week that pushed digital assets through important technical levels, potentially paving the way for additional drops.

Bitcoin’s price has dropped less than 1% in the previous 24 hours to $26,050, stabilising around the $26,000 level after the largest cryptocurrency fell to roughly $25,500 from $29,000 last week.

According to Alex Kuptsikevich, an analyst at broker FxPro, the market is still above the previous local lows of June, suggesting that the rise will continue. However, it is concerning that July’s highs are lower than April’s. Bitcoin finished the week with a significant decline below its 200-week and 200-day moving averages, indicating a bearish trend change.

The crypto price prediction of Bitcoin selloff signalled a tectonic shift in crypto markets, which had been largely sluggish until last week. After weeks of trailing enthusiasm in the stock market, where the Dow Jones Industrial Average and the S&P 500 have been turbulent, Bitcoin surged into action late last week with a collapse that surprised markets and left traders hunting for blame.

Analysts see Bitcoin as vulnerable to additional falls as cryptos remain below important technical levels.

“The decline has taken it below short-term support and its 200-day moving average … putting next and more important support near $25,200 in reach,” said Katie Stockton, managing partner at technical research firm Fairlead Strategies. “The setup supports a breach of $25,200, which would further increase downside risk for Bitcoin. Secondary support is roughly $20,600.”

Beyond the crypto price prediction of Bitcoin, Ether increased by less than 1% to $1,675, even though the second-largest token has seen comparable drops to Bitcoin in recent days. Smaller cryptos, or altcoins, performed differently, with Cardano rising less than 1% and Polygon falling less than 1%. Dogecoin was down 2%, while Shiba Inu was down 3%, as Memes Coins fell more.

< Back