The leading cryptocurrency Bitcoin (BTC) reached $30,000 and then dropped to $29,000, deepening its decline, and it is still ongoing. BTC has experienced a 2% decrease in the last 24 hours and a 3.2% decrease in the last 7 days, dropping to $28,500. So, how long will the decline in BTC price continue?
Bitcoin fell below the critical support at $29,100, proving that the possibility of sharp movements increased. The altcoin market followed this trend, leading to a general decline. The 2% decrease in the total value of the cryptocurrency market in the last 24 hours is evidence of this.
With this decline, over $140 million worth of long positions were liquidated, and many investors experienced significant losses. According to Coinglass, this decline is actually one of the most severe drops in August.
Renowned analyst and economist Peter Brandt also made a statement about the matter. Brandt emphasized that BTC is currently invalidating the trend that came from the lowest point of 2023. By stating that falling to the lowest price point in August is either a bear signal or a bear trap, Brandt actually revealed that a life-or-death situation has been reached.
In a previous statement, Peter Brandt had actually predicted consolidation between $29,000 and $31,000, and this prediction was accepted.
Popular crypto analyst Rekt Capital expressed his expectation of a drop to $20,000 for BTC. The analyst highlighted the negative divergence and the weekly RSI, emphasizing this drop.
The loss of this critical support by BTC and the expectation of sharp price movements at the end of previous months are definitely alarming investors. The fact that experts like Brandt and Rekt Capital have mentioned the expected decline also stands out as another negative for investors. However, $29,000 could be a safe point for BTC again.