BTC is currently trading at its lowest levels in August. Following a few weeks of a sustained upsurge, the firstborn crypto has faced a wild rejection along with the rest of the markets.
As BTC dips further, analysts within the space have propagated their opinions on the market’s direction. Among them is a prominent market watcher predicting exceedingly bearish movements for the asset.
BTC at $16k “very likely for the coming weeks”
Once again, renowned crypto analyst and accomplished swing trader, iI Capo of Crypto has chipped in his opinion for BTC. Following the sudden crash from the $22.5k support on Friday, iI Capo of Crypto forecasts a further dip. According to the analyst, his main target for BTC is $16k.
It is important to note that the last time Bitcoin saw the $16k mark was in December 2020. Since conquering it in the heat of the pandemic, the asset has not revisited the zone. The closest Bitcoin got to retouching the $16k price was in mid-June when the current Crypto Winter was at its harshest. BTC dipped to $17,708 on June 18 for the first time in 2 years.
The current bear market has already brought a 2-year low with it. At a time when analysts believe the bottom is already in, iI Capo of Crypto thinks more lows could come. He considers a price of $16k is “very likely for the coming weeks.” This pumps more uncertainty into the space at a period when Funding Rate is already seeing dominant short sentiments.
Analyst Michaël van de Poppe thinks it’s time to buy Bitcoin
Furthermore, iI Capo of Crypto sees key resistance levels at $22,500 and $23,500. He advised investors to take those levels as a good sell opportunity. Additionally, he mentioned a support level of $19,000. However, he said it would be a bearish confirmation for further dips should BTC hit the $19k support.
On the other hand, analyst Michaël van de Poppe advises investors to purchase BTC now. In a recent tweet, the CEO of Eight Global noted that the Hash Ribbon indicator gives a buy signal. “Now is the time to start building your investments,” he said.
At the time of writing, BTC currently has a value of $20,043, having lost 7% of its value in the past week. BTC has already touched the level below $20k today. Although it experienced a quick rebound, the asset could find itself heading back there. The FGI has dipped below 30 after seeing a promising value of 46 on August 13.
Source: Read Full Article