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As the king of cryptocurrencies loses important support levels, investors continue to grow concerned. At the time of writing, the price of Bitcoin finds buyers around $29,000, and uncertainty prevails in the market. So, what are the expectations of expert cryptocurrency analysts?
Bitcoin (BTC) Expert Predictions
The price of Bitcoin has dropped to the lowest level in a month, and traders are increasing their short positions as they expect further decline. Despite a small recovery, market participants are not convinced that the largest cryptocurrency has seen the worst of its losses. So, what are the current predictions of cryptocurrency analysts?
Crypto Ed’s Bitcoin Forecast
According to the famous trader, it was entirely expected for Bitcoin to drop to its lowest level since June 21. He had mentioned a similar movement in his previous analysis. Now, he expects the loss of Bitcoin against the dollar to continue. According to him, we will see a drop to $28,500, followed by a rebound to $29,400.
Crypto Ed had also mentioned an additional target zone, covering prices as low as $27,800, in his recent market commentary. However, he stated that he did not give much possibility to such significant losses.
Crypto Chase’s Updated Bitcoin Analysis
According to the second analyst, we will likely see Bitcoin drop to $27,000. Chase had predicted that speculators should bid at important price levels such as $29,200, $28,500, and $28,000 when BTC/USD was moving downwards in early July.
In an update on July 24, he defended that this was the likely scenario of events.
“These are still mostly my thoughts. I am not currently shorting as strong R/R opportunities are gone and no good entries are offered according to my strategies. Nevertheless, the bear feast is already turning into a mega bear, but I still plan to bid the $27,000s for a strong bounce and see where it takes us.”
Keith Alan’s BTC Price Prediction
Keith Alan, the co-founder of Material Indicators, summarized the situation on July 24 as “Bitcoin is testing support in a historically significant key area.”
“We are not yet convinced that we have found strong support, but the 21 Weekly MA seems to provide a stronger foundation. We need to allow things to develop a bit for some clarity.”
