Will Bitcoin (BTC) Price Drop To $19K By August End?
The post Will Bitcoin (BTC) Price Drop To $19K By August End? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Bitcoin has faced immense turmoil over the last few weeks along with Ethereum and other altcoins. The entire crypto market has been rapidly switching between red and green signals.
At the time of reporting, Bitcoin is selling at $21,406 after rising by 2.10% over the last 24hrs.
Meanwhile, a closely followed crypto analyst and trader compare the current bear market to the 2018 bear market.
The analyst known as Michael van de Poppe, informs his 623,200 followers on Twitter that he is observing the TOTAL chart, which keeps track of the market cap of all the cryptocurrencies.
The analyst claims that he is cautiously waiting for the TOTAL chart to revisit the 200-week moving average (MA) because the same was witnessed during the 2018 crypto winter rally.
He then says that, at present, there is a rejection and retest observed and once the higher low is marked, there will be a bull run thereafter.
Where are we at this point?
I’m seeing similar price action as Q4 2018.
Bounce from 200-Week MA on the Total Market Cap #crypto.
Very comparable price action. pic.twitter.com/c35Nx88acx
— Michaël van de Poppe (@CryptoMichNL) August 20, 2022
At the time of reporting, TOTAL is trading around 1.001 Trillion
Bitcoin Price At $19k?
Next, Van de Poppe discusses Bitcoin and claims that the flagship currency is still fluttering around the sideways accumulation phase. However, the analyst warns that the flagship currency declining around $19,000 might still be possible.
Van de Poppe then states that Bitcoin’s bullish divergence is formed on a weekly timeframe and he also foresees a bull run after a brief correction. He added that $19,000 would be the key level for Bitcoin.
#Bitcoin scenario, I think, is quite likely.
In this case;
– Bullish divergence is being created on a weekly timeframe.
– Sweep of the lows for liquidity (or retest)
– Total market capitalization 200-Week MA remains intact.
— Michaël van de Poppe (@CryptoMichNL) August 20, 2022
At the time of reporting, Bitcoin is valued at $21,392 with a surge of 1.12% over the last 24hrs.
The analyst ends his analysis with Ethereum by saying that $1,400 is the key level, and traders should keep an eye on this price point.
Currently, Ethereum is trading at $1,603 after a jump of 2.23% over the last 24hrs.
