- Bitcoin price might continue dropping as buyers escape the marketplace.
- The governing technical pattern projects a bearish target, eyeing $29,026.
- Bulls might find it challenging to overturn the underperformances due to multiple obstacles.
Bitcoin’s (BTC) price function continues to weaken as the coin plunged under a critical support line. The prevailing chart formation predicts another 16% fall for the world’s dominant crypto.
BTC Price Awaits Another 16%
Bitcoin saw its price slicing beneath the descending parallel channel’s lower border on 21 January. For now, BTC bears seem to contemplate an additional 16% drop towards low zones at $29,026. Moreover, the prevailing market conditions appear to support such narratives.
Bitcoin has its initial defense line at 25 July low of $33,851. Additional barriers for the bellwether crypto might appear at 26 June low and 27 June low near $30,151 and 31,973, respectively. Breaking beneath these footings will see Bitcoin accomplishing the bearish aim by the primary technical pattern near $29,026, matching the 127.2% FIB retracement area.
Market participants need to beware that any move beneath this pessimistic aim might see BTC dropping to value areas not touched since 2021 January. Nevertheless, amplified buying pressure will have BTC facing closest resistance at the prevailing chart formation’s lower boundary around $35,570.
An additional obstacle might appear at a 78.6% FIB retracement mark, matching the descending parallel channel’s middle boundary. Surged buy orders might propel Bitcoin higher, tagging the prevailing chart’s upper border at $40,878, the level where 61.8% FIB retracement intersects with the 21 12hr Simple Moving Average.
Higher aspirations will see BTC eyeing an escape past the descending parallel channel’s upper trend-line. However, the currency will encounter many hurdles in such a move. First, Bitcoin will meet an obstacle around $43,016, matching the 50 12hr Simple Moving Average, then 38.2% FIB retracement mark around $45,154.
Moreover, crypto critics believe Bitcoin will witness a colossal value drop. Peter Schiff trusts BTC will drop towards low zones of $10,000. Nevertheless, crypto fanatics still trust in the light at the end of the plunging tunnel. It may be fascinating to witness the upcoming developments. Stay tuned.