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Bitcoin left behind the period of low volatility, but the recent breakout was nothing like that of January 2023. The increase in volatility this year was exciting, with the price rising over 50%. However, this month, BTC broke below the January low on the volatility chart and experienced a double-digit drop. So, what are the expectations for the future?
Crypto Expert’s Comment
X, a popular crypto analyst on social media, is trying to answer a simple question. Can the king of cryptocurrencies, Bitcoin, drop to the $22,000-$20,000 levels in September? Some experts have started mentioning this possibility, although most investors do not want to entertain such a scenario as it is worrisome. Especially when many altcoins are approaching all-time lows, a drop in BTC could lead to even deeper losses.
“Can Bitcoin Drop to $22,000 in September?” To answer this question, we need to focus on August first. What was the worst August drop in BTC history? It was -17% in 2014 and -18% in 2015. Currently, BTC is experiencing a -16% drop. If BTC were to drop -18% this August, it could go down to $24,700. However, this pullback may not be the end.”
Why Will Cryptocurrencies Fall?
According to the analyst, if BTC drops to $24,700, the losses may not be limited to that level. He drew attention to the charts he shared several times before. There are two reasons that require more concern about further declines. One is the double bottom formation that we shared on August 22, which we are already familiar with. So, what about the other reason? Rekt Capital says the following:
“First, BTC is forming a Double Top. Second, BTC tends to experience single-digit drops in September.”
Double top is a bearish reversal pattern in technical analysis. It occurs when the price of an asset reaches a high point twice and experiences a small decline in between. According to Rekt Capital, confirming the double top pattern could lead to double-digit percentage losses for BTC, pushing the king of crypto down to $22,000.
“So, if BTC experiences a -10% pullback in September… This could cause the price to drop to around $22,000. This is also in line with the target of the double top.”
