Some fear seems to have crept into the market as the price sinks further to $23,000. What do the analysts say?
Bearish pattern
On the bitcoin chart, legendary analyst Peter Brandt sees a bearish pattern called a rising wedge. This is a technical price pattern that may indicate a future decline in the price. At the same time, Brandt has some reservations.
Pattern formation in progress — Rising wedge in $BTC
Caveats:
–Most forming patterns morph into something else
–Even if it is a rising wedge, it must first be completed pic.twitter.com/hqaACSlxfM— Peter Brandt (@PeterLBrandt) August 16, 2022
Firstly, the rising wedge is not yet fully formed, so there is still a chance that another pattern will form from it. Also, Brandt sees that too many people agree with him, then the pattern is obvious and loses predictive value.
His fellow analyst Kaleo also anticipates a drop in the bitcoin price, and he has to adjust his earlier expectations. A capitulation could lead to another drop towards $20,000.
The pseudonymous analyst sees more red days in the stock market, and that is pulling bitcoin further down too.
I got overzealous on Friday expecting continuation to $28K through the weekend into early this week.
I admit when I'm wrong, & while I don't believe we're going to see a capitulation to new lows & break beneath $20K, a bit lower before a bit higher makes sense. pic.twitter.com/fdQWsgsCTE
— K A L E O (@CryptoKaleo) August 15, 2022
Michaël van de Poppe is a little more cautious and is watching the $23,000 zone to see if more buyers can step in there. He also sees that a lot of fear has crept into the markets since the collapse of interest rate platform Celsius.
#Bitcoin couldn't hold crucial support but did also reject at $23.6K in the recent bounce due to a dovish FOMC.
I'm still looking at the region of around $23K for buyers to step in or reclaim $23.7K. pic.twitter.com/iLITLrcjAe
— Michaël van de Poppe (@CryptoMichNL) August 17, 2022
