After a brief rally above $20,000, the bitcoin (BTC) price fell below these levels over the past 24 hours, adding to a series of sustained losses in recent months.
how the analyst sees it Plan B, Bitcoin is now trading below the actual price and the 200-week moving average. This suggests that the “weak handed” BTC owners (users who simply get rid of their holdings) have already surrendered, i.e., they have already settled their funds and they have no money to sell. There is nothing else.
Some people compare the current situation with 2015 and conclude that we will be low/blue for months. One big difference: in 2015, the actual price (grey line) was still 2x above the 200-week moving average (black line). Currently, the sentiment is below 200WMA, i.e. weak hands are already sold,
Plan B, Bitcoin Price Analyst,
for that reason, Plan B is bullish and believes the bearish outlook for bitcoin will eventually change, It is based on the fact that human behavior doesn’t change and therefore thinks that huge selling of BTC will return if investors’ greed increases.
Not everything is so bullish about the price of bitcoin
Although Plan B believes that the price of bitcoin will change in the coming months, not everyone is so optimistic now. fear index An extreme level for the cryptocurrency market reappears. By September 1, the index had declined registering a more positive range.
Alex Espina, head of research at Galaxy Digital Group, said in a report that Bitcoin price may continue to drop, may drop to $17,000,
However, Espina believes that Bitcoin price at current levels are just buying opportunities,
“In the past, when BTCUSD trades below its 200w MA, it has proved to be a favorable buying opportunity across various time frames,” Espina said.
He added that the price of bitcoin will continue to decline due to deteriorating macroeconomic conditions and a broader downward trend related to the hard line of the US Central Bank. Although he thinks it will find support at the $17,200 level