Bitcoin Price Drops to $27,000: Is the Journey to $30,000 or $23,000? - COINTURK NEWS
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Bitcoin Price Drops to $27,000: Is the Journey to $30,000 or $23,000?

7:45 pm (25 days ago)
August 31, 2023

The price of Bitcoin dropped below $27,000 again at the time of writing this article. The crypto king is about to lose a critical zone. If the price of BTC falls below the 200-day moving average, it could trigger massive sell-offs in altcoins. However, in this environment, a popular analyst is pointing to an ETH rally.

Expert Prediction for Ethereum (ETH)

Popular analyst known as Dave the Wave has been issuing warnings about major price movements for years. He correctly predicted the major crash in 2021 and proved his accuracy after warning investors. In a post shared on his X platform, the analyst referenced the rise of ETH.

“The ETH/USD chart has turned green on the weekly.”

When the analyst made this statement, the price of ETH was above $1,700. However, at the time of writing, the price has dropped to $1,687. If the weekly closing remains above $1,700, the analyst’s view may still hold. However, BTC continues to stay below $27,000 for now.

Bitcoin (BTC) Prediction

Dave the Wave later drew attention to the LGC (logarithmic growth curves) chart, which attempts to predict the macro highs and lows of Bitcoin while filtering out medium-term fluctuations and noise. Looking at his chart, Bitcoin’s price at $27,000 appears to be in the buy zone.

“Be careful about being too clever. Yes, there may be some price consolidation in the short term, but according to the long-term outlook, BTC is in an attractive buying zone.”

According to the trader, the lower boundary of the LGC has worked correctly as a market bottom for Bitcoin in the past. He also mentioned that the logarithmic moving average convergence divergence (LMACD) indicator for Bitcoin is showing a similar pattern. The LMACD indicator is designed to reveal changes in an asset’s trend, strength, and momentum.

“The monthly MACD [LMACD = logarithmic scale] is a long-term indicator. It is sending strong recovery signals for BTC along with LGC [logarithmic growth curve].”

Contrary to the popular analyst, some experts still expect a breakout below $24,700 to occur soon. Analysts who anticipate a decline will not abandon their prediction unless the price of Bitcoin surpasses the $28,850 region.

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