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The crypto and stock markets experienced shocks on Thursday and Friday, which pulled down most stocks and crypto assets towards the end of the weekend. The sudden rise sentiment turned from neutral to fear after the recent Bitcoin price collapse, which triggered the sales in the broader crypto market.
Will Bitcoin Price Fall?
Experienced trader Peter Brandt once again issued a warning for the Bitcoin market. He stated that BTC price has retested the neckline of the underlying head and shoulders formation. Peter Brandt predicts a decline in BTC price and warns that a close below 24,800 would be detrimental to the daily and weekly charts.
Market analyst Rekt Capital noted that Bitcoin has given a downward technical signal. With the completion of the Double Top formation, BTC may soon see $26,000 as resistance instead of support in downward trends.
Popular crypto analysts CrediBULL Crypto, Crypto Tony, and Crypto Birb predict $25,000 as the best price to buy the dip. CrediBULL Crypto foresees that Bitcoin price will not fall below $25,000 and expects a similar market correction before BTC reaches its all-time high.
Bitcoin Price Approaching a Turning Point
BTC price is trading at $26,000 with a 2% drop in the last 24 hours. The lowest and highest levels in the past 24 hours were $25,668 and $26,587, respectively. Additionally, a 45% decrease in trading volume in the last 24 hours indicates a declining interest among traders.
Meanwhile, ETH price also dropped by 2% in the last 24 hours and is currently trading at $1660. It fails to sustain the upward momentum after reports of SEC potentially approving an Ethereum futures ETF. The trading volume has decreased by 55% in the last 24 hours. Despite the current drop, Bitcoin has seen an approximately 50% increase since the beginning of the year. Binance CEO “CZ” drew attention to the negative sentiment prevailing in the market and suggested “stepping back”.
