The crypto market is in a downtrend.
Bitcoin, Ethereum, Cardano and other altcoins are all falling in tandem, with traders seemingly selling Bitcoin, which has been the case since June. last Apr. and Jul.
Bitcoin has hit $22,400 during Sept. 13 and has dropped to $19,143.84 today. from the overall economy in the US market Due to market volatility, Bitcoin has been hovering around $19,344 and $18,346 over the past few days.
Bitcoin Price Drops
After Bitcoin’s price drop, two triangles form on the XABCD pattern are formed, where traders may view the Bitcoin price as a buy opportunity or see it as a sell-off point. profitable
However, analysts do not seem to think so. Analysts expect Bitcoin price to climb to $20,000 before climbing to $18,000. BTC’s selling point at 78.60 Fib is still a long way off the $20,000 point.
Investors will have more confidence in the market when Bitcoin price can climb to $20,000, resistance is now $20,500 at 61.80 Fib.
The Bitcoin market has been volatile following the S&P500 and NASDAQ stock exchanges, making it difficult for Bitcoin to become a bull market these days.
Analyst @woonomics believes Bitcoin hasn’t even bottomed out, and analysts expect Bitcoin bottom not to be $18,000. It is reversible and investors have enough confidence in the market.
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