Bitcoin's Current Outlook: Analyst Warns of a Potential Drop to $20,000 - COINTURK NEWS
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Bitcoin’s Current Outlook: Analyst Warns of a Potential Drop to $20,000

8:25 am (26 days ago)
September 8, 2023

Crypto expert and analyst Rekt Capital evaluated the current outlook for Bitcoin (BTC), the crypto king that has lost nearly 10% in the past 30 days. The analyst emphasized that the $26,000 level has been acting as resistance for BTC on a weekly time frame and warned investors of a potential drop to $20,000.

Anticipating the Trigger of the $26,000 Resistance

Anonymous crypto analyst Rekt Capital pointed out that the $26,000 level acts as resistance for Bitcoin, stating that “BTC is struggling to surpass the $26,000 level, which is acting as a new resistance.” Looking at the price chart shared by the analyst, it can be seen that the $26,000 level has been serving as resistance on a weekly time frame.

According to CoinMarketCap data, BTC is currently trading just above the $26,000 level indicated by the analyst, with a 2.12% increase in the past 24 hours, at $26,353. While a weekly candlestick close above these levels would indicate a break of the resistance, the analyst does not expect the resistance to be broken and anticipates a pullback towards $20,000. Let’s also note that the weekly candlestick for Bitcoin will close on September 11th at 02:59.

Analyzing the Current Outlook of Artificial Intelligence Altcoin Fetch.AI

Rekt Capital also commented on Fetch.AI (FET), an altcoin on his watchlist. The analyst closely follows Fetch.AI, an artificial intelligence (AI) altcoin that has gained over 150% in value last year. is a decentralized machine learning network that aims to create and facilitate a decentralized digital economy using technologies such as machine learning, artificial intelligence, and blockchain. The FET token is used as a payment instrument for network transactions.

According to Rekt Capital, although FET has gained over 20% in the past month, the next price level has been acting as resistance for the past two and a half months:

Reclaiming the blue level as support would mean an uptrend, as it would allow FET to surpass the black resistance at $0.36. However, currently, this level is acting as a resistance. In fact, FET has been rising towards this resistance for the past 2.5 months without being able to reclaim this blue level as support.

Therefore, technically, FET is currently locked in a range (from green box support to blue horizontal resistance) until the next announcement.

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