header banner
Default

Analyst Projects a 5% Drop in Bitcoin (BTC) as Rare Pattern Forms


Bitcoin (BTC) Forms Rare Pattern, Analyst Predicts 5% Drop

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

There is an ongoing bearish drawdown in the market as the combined crypto market cap is yet to regain its pace after dropping as low as 2% overnight. Bitcoin (BTC), the industry's clear market leader, is dragging the current sell-offs to new heights, with its price trading at $27,650.23 atop a 0.92% slump.

The current Bitcoin performance is a testament to just how erratic the market can be. Despite the dominant bear action, the coin is looking at a mild recovery on the hourly chat. However, top market analyst Ali Charts is seeing the possibility of another 5% drawdown in the price of Bitcoin.

His thesis is based on Bitcoin recording a breakdown from a symmetrical triangle on its two-hour chart. As shown in the shared chart, the analyst believes the premier digital currency might anticipate a 5% correction in the near term, potentially pushing the price to $26,200. This forecast is a bearish one that indicates the drawdown being experienced at the moment may continue eventually.

While Bitcoin is currently bearing its own brunt of the market onslaught, other altcoins are dropping much faster, helping to reinstate the dominance of the coin above the 50% benchmark.

Pushing Bitcoin sentiment

VIDEO: BTC News: Bitcoin Wyckoff Distribution Pattern - Part 2 - CRASH To 8K in 2024
Doctor of Dump & Pump

While the technical indicators are not generally optimistic, per the potential price surge of Bitcoin, the fundamentals surrounding the asset make a amid-to-long term bullish case for current HODLers.

The expectation of a Bitcoin spot Exchange Traded Fund (ETF) product remains one of the most promising factors that can stir new capital inflows into the coin. The upcoming Bitcoin halving event has also been presented as a major testament by the Binance CEO as a basis for BTC to retest multiple highs in the near term.

Bitcoin remains an anchor for the industry, and many believe that irrespective of this ongoing sell-off, the coin is still the best asset to bank on for long-term gains.

ScapesMania: One of the most promising projects among presales

VIDEO: 🤯 The Smartest Hacker Predicts The Future of Bitcoin
Financian

This is sponsored content. U.Today is not responsible or liable for any inaccuracies, poor quality, advertising, products, links, images or other materials found within the text below.

ScapesMania's Presale is proceeding at quite a dynamic clip because it is not just another crypto asset; it is a revolutionary project where Web2 players are paving the way for Web3 enthusiasts to benefit from a thriving DAO gaming ecosystem! The prominence and trustworthiness of the project are backed by a tier-1 team that has secured a prestigious grant from a major player in the global blockchain industry. Leverage the synergy of Web2 and Web3 in ScapesMania and tap into the massive $286.50 billion casual gaming market.

40859
Image by ScapesMania

ScapesMania is currently in the active presale stage. Early investors can potentially benefit from a post-listing price surge to $0.01 per coin. ScapesMania is going to hit prominent crypto exchange platforms very soon, with negotiations currently in progress. Early adopters can enjoy generous project benefits as well as token buyback, burn and staking rewards. Join the community to stay up to date with news.

Site: https://scapesmania.io/

Community: https://t.me/scapesmania

About the author

Godfrey Benjamin

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.

Sources


Article information

Author: Anthony Nelson

Last Updated: 1698079442

Views: 1224

Rating: 4.3 / 5 (116 voted)

Reviews: 82% of readers found this page helpful

Author information

Name: Anthony Nelson

Birthday: 1999-06-22

Address: 121 Amanda Parks, North Annamouth, CA 78289

Phone: +4299940527376968

Job: Project Manager

Hobby: Magic Tricks, Telescope Building, Stargazing, Dancing, Playing Guitar, Video Editing, Origami

Introduction: My name is Anthony Nelson, I am a welcoming, capable, bold, dazzling, receptive, risk-taking, unswerving person who loves writing and wants to share my knowledge and understanding with you.