Our Bitcoin price prediction suggests that there could be a little more downside before the bulls aim for higher targets. BTC price struggled to reclaim the $25k level last week and ultimately had a pullback to $23,671. Many altcoins also faced a sell-off in the first two trading sessions of the week. The volatile price action continued in Wednesday’s trading session.
Cryptocurrencies are enjoying their first major relief rally in months. This rally is fuelled by decreasing inflation number and positive price action in the equity markets. Currently, the Bitcoin price is trading at $23,770. The biggest crypto asset is 0.3% down from yesterday.
BTC price started the week with very volatile price action on Monday as the price plummeted below $24k. However, the bulls were in a hurry to buy the dip, and the price appears to be recovering. Nevertheless, many analysts still think that the prices need a retest of the $23k level to go higher.
According to Bitcoin news today, one of the biggest investment banks in Latin America, BTG Pactual, has just launched a Bitcoin and crypto exchange. Due to increasing demand, more financial institutions in Latin America are starting to offer crypto-related services to their customers.
Technical analysis of the BTC USD price chart shows a formation of the rising wedge on the 1D timeframe. A breakdown of this pattern could be very ugly as the pattern indicates that the bulls are running out of gas. Nevertheless, if the equities market keeps recovering, then similar price action could be expected from Bitcoin.
In case of a daily candle closure above the $25k level, the Bitcoin price prediction of $26,700 might hit very soon. This level perfectly aligns with the top of the wedge and the downwards trendline. The retest of this zone would determine the further price action of the biggest crypto asset.
If you’re trading in these volatile conditions, then you should also sign up for InvestingCube’s Premium S&R Levels. This indicator always keeps you one step ahead in the game by notifying you about all the latest trade setups.
Currently, the indicator is suggesting a long trade from the Bitcoin price of $24,123. The targets of this trade are $24,854 and $25,500.
This post was last modified on Aug 17, 2022, 11:00 BST 11:00