The price of Bitcoin (BTC) has hit its lowest point in a month, leading traders to speculate that further losses are ahead. On July 24, BTC/USD reached a low of $28,850, according to data from Cointelegraph Markets Pro and TradingView. Despite a brief recovery, many traders remain skeptical that the cryptocurrency has reached its bottom.
Crypto Ed, a popular trader, had predicted the previous drop to Bitcoin’s lowest point since June 21. Now, he believes that the cryptocurrency will break into buy liquidity, driving BTC/USD to around $28,500. He anticipates a relief bounce to $29,400, but expects more downside after that, possibly reaching $28,500. He also mentioned the possibility of prices dipping as low as $27,800, although he was unsure if Bitcoin would actually reach that level.
Another trader, Crypto Chase, believes Bitcoin could drop to $27,000 before long entries begin to suffer. He predicted that speculators will start bidding at key price points, such as $29,200, $28,500, and $28,000. In a recent update, he stated that these were still his thoughts and mentioned his plan to bid in the low $27,000s for a strong bounce.
As the United States prepares for significant macroeconomic events, many traders are staying on the sidelines, waiting for a clearer trend to emerge. However, certain moving averages, such as the 200-week and 21-week, remain important support levels at $27,130 and $28,200, respectively. Keith Alan, co-founder of monitoring resource Material Indicators, described Bitcoin’s current situation as testing support in a historically significant zone. He noted that the 21-week moving average could provide a stronger foundation, but emphasized the need to let the market develop further for more clarity.
While some analysts have shared worst-case scenarios, including a potential drop to $20,000, the future of Bitcoin remains uncertain. Traders are closely watching the market and waiting for more definitive signals before making significant moves.
In conclusion, the price of Bitcoin has fallen to one-month lows, triggering speculation among traders that further losses are yet to come. Popular traders Crypto Ed and Crypto Chase are both predicting more downside for Bitcoin, with potential price targets ranging from $28,500 to as low as $27,000. Other traders are closely watching key support levels, such as the 200-week and 21-week moving averages, to gauge the strength of Bitcoin’s support. Overall, the market remains uncertain, and traders are exercising caution until a clearer trend emerges.
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