Bitcoin worth nosedives 10% from $29k to under $25k resulting from bearish divergence formation and for completion of the Double Top sample. Bitcoin market dominance has dropped under 50% and BTC price is buying and selling under the important thing 200-weekly transferring common. Meanwhile, crypto concern and greed index slipped from 50 (impartial) to 37 (concern) in only a day. Would Bitcoin worth crash to $20,000?
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Popular Analyst Denies Bitcoin Crash Below $25,000
CrediBULL Crypto took to X on August 18 to reveal a big element missed by others throughout the crypto market selloff. He believes Bitcoin (BTC) will outperform Ethereum (ETH) and most altcoins within the coming months for a brand new all-time excessive.
He highlighted that BTC held its native low whereas ETH broke its assist within the current selloff occasion is “very significant.” Before the rally to an all-time excessive, an analogous market correction occurred however nothing modified almost about HTF bullish market construction.
“For those who have been following me for some time, you may remember something similar occurring when BTC was at 10k, back in 2020, right before our rally to 60k+. At that time I was also expecting a mega rally, led by BTC, to new all time highs (20k+) and I recorded a video pointing this very same observation out at that time.”
CrediBULL Crypto doesn’t anticipate Bitcoin worth to fall under $25,000. Other analysts comparable to Rekt Capital and Crypto Birb additionally agree with a bullish outlook for Bitcoin regardless of present unfavourable sentiment.
Meanwhile, ETH price has rebounded to $1,683 after falling to a 24-hour low of $1,551. Reports of potential approval of Ethereum futures ETFs by the US SEC light merchants’ unfavourable sentiment on ETH. Altcoins comparable to Conflux, XRP, Litecoin, ApeCoin, Bitcoin Cash, and Sei fell greater than 10% up to now 24 hours.
Traders now await a call within the Grayscale vs SEC lawsuit for a spot Bitcoin ETF approval and provides clear route amid uncertainty.
Also Read: Can Grayscale Vs US SEC Ruling Today Rebound Bitcoin Price Back To $30K?
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