BTC Facing Renewed Challenge To Keep Price Above $20,000
Bitcoin price recently completed a two-month surge that resulted in a price increase to over $25,000; consequently, investors are now concentrating on the cryptocurrency’s next target price.
- Bitcoin price spikes to over $25,000 following a two-month surge
- Bitcoin now looking bearish; struggling to keep its price above $20,000
- BTC down by 0.12%; currently trading at $21,498.36
Bitcoin (BTC), the leading cryptocurrency, is now displaying negative sentiment after first exhibiting bullish indicators. The flagship coin is now fighting once more to keep its price above $20,000.
By the end of September 2022, the cryptocurrency community on CoinMarketCap forecasts that Bitcoin price will climb by 36.75% from its current value, trading at an average price of $29,346.
Roughly 20,683 community members cast their votes to determine the pricing target.
BTC Unable To Surpass $25,000 Due To Macroeconomic Conditions
The price of bitcoin fluctuates by about $21,000. Even though Bitcoin’s recent rally tried to lift the asset out of a prolonged bear market, the community’s forecast is still optimistic.
The crypto market reacted poorly to the Federal Reserve’s decision to raise interest rates amid the rising inflation, but BTC’s failure to surpass $25,000 has emerged as macroeconomic concerns continue to take center stage.
At the time of publication, Bitcoin was significantly down 10% over the previous week. Bitcoin price stabilizes above $21,000 as a major shift is soon to come.
According to Katie Stockton, founder, and managing partner at Fairlead Strategies, the price of Bitcoin, the most popular cryptocurrency, is anticipated to retrace to $18,300.
The largest coin in the world has fallen below its 50-day moving average, according to Stockton, which may be a signal of an oncoming significant decline.
Despite the turmoil, cryptocurrency trading specialist Michal van de Poppe said in a tweet on August 23 that Bitcoin is stable and could derive some advantages from the Eurozone’s activities.
In the past, BTC has a tendency to fall between -14% and -28% below the 200-MA. In fact, mid-June saw a -21% decrease in BTC below the 200-week MA, which was in sync with historical data, he noted.
Stockton Predicts Long-Term Downturn For Bitcoin Price
Since the cryptocurrency has lost momentum, analyst now sees a higher risk of a long-term downturn. Stockton predicts that the largest cryptocurrency’s price will soon settle.
Stockton predicts that it will most certainly drop to the low $18,000 level following a brief relief rally.
Unfavorable macroeconomic conditions have had a significant negative impact on the cryptocurrency industry this year, with Bitcoin currently trading at a price that is almost 69% below its all-time high.
BTC total market cap at $414 billion on the daily chart | Source: TradingView.com Featured image from Bernard Marr, chart from TradingView.com