Bitcoin Price Analysis: Experts Predict BTC Could Drop to $16,000 - COINTURK NEWS
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Bitcoin Price Analysis: Experts Predict BTC Could Drop to $16,000

4:55 pm (30 days ago)
September 4, 2023

The sideways movement in the price of Bitcoin has reached frustrating levels again and we may see it continue for another week. The previous sideways movement lasted about 10 days in total. The price could gain momentum depending on the news flow, bringing profits to altcoin investors. So, what are the expectations for TON and LINK Coin?

TON Coin Chart Analysis

Toncoin (TON) is in an uptrend, but sellers are trying to prevent the rise at the $2.07 resistance zone. The rise of both moving averages is an advantage for buyers, but the overbought levels in the RSI indicate the possibility of a small correction or consolidation. If the bulls remain strong, we may see a rally above $2.07.

BTC could drop to $1.61 if the price of Bitcoin falls or if the bears of TON Coin take action. The 4-hour chart shows that the bulls have bought the dip towards the 20-EMA. Buyers will need to push the price above $1.98 to indicate that the uptrend has resumed.

LINK Coin Chart Analysis

LINK Coin, which has found a place in long-term portfolios of analysts like Poppe, is not showing the expected strong performance. Expanding the targeted stake pool and flexible rewards in the medium-term program could increase demand again within a few months. Chainlink has been trading in a wide range between $5.50 and $9.5 for the past few months. The bears pushed the price below the support level of the range on June 10, but they could not sustain lower levels.

The LINK/USDT pair dropped near the support level on August 17, but as seen from the long tail on the daily candlestick, the bulls bought this dip. Buyers are trying to initiate a recovery, but they are facing resistance near the 20-day EMA ($6.23).

If the bulls push the LINK price above the 20-day EMA, we may see a movement towards the 50-day SMA ($6.94). However, a drop to $5.50 would not be surprising in the opposite scenario.

Of course, the movements of BTC will be decisive in these predictions. The king cryptocurrency has remained silent for days. Experts expect a drop to $22,000 in case of a close below $25,000. For positive scenarios to apply to altcoins, the BTC price will need to surpass the $26,800 level and turn it into a strong support.

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