Bitcoin price fails to build momentum above $31000 and holds above the $30,000 psychological level. BTC price looks to lose the $29000 level also as a weekly bearish divergence chart pattern is formed on the RSI. A popular crypto analyst now predicts Bitcoin price below $25000, even making/ a low around $22000 in September.
Bitcoin Price Fall Below $25K and Dogecoin (DOGE) to Rally
Popular analyst Rekt Capital on August 7 comes with a shocking Bitcoin price prediction. He believes that a weekly candle close below $29250 isn’t ideal because this level may flip into new resistance. This will cause Bitcoin to fall much lower as the weekly bearish divergence adds a bearish confluence this time.
#BTC Double Top structures tend to be quite symmetrical
The 1st half of the Double Top took ~90 days to form
This 2nd part of the Double Top has been forming for 56 days
The $BTC Double Top could fully complete in just over a month’s time, by mid-September#Crypto #Bitcoin pic.twitter.com/zY5rkIDtK9
— Rekt Capital (@rektcapital) August 7, 2023
If Bitcoin price drops to $26000 by mid-September then a ‘double top’ may form. A further breakdown from $26000 would validate the double top, with a measured move to $22000. However, Bitcoin chart pattern for the prediction is still in the early stages and anything can change in the meantime.
Bitcoin is forming a Weekly Bearish Divergence on the RSI. The main reason to worry is BTC price failed to break the $31,000 resistance despite a massive trading volume. “Are we seeing mounting weakness in Bitcoin?”
BTC price currently trades at $29016, moving sideways for almost a week. Also, the price is down more than 1% in a week.
Also Read: PayPal Launches USD Stablecoin PYUSD Pushing Crypto Payments
Dogecoin Price To Rally
Elon Musk’s favorite crypto Dogecoin look to gain momentum above $0.075 for a massive jump to $0.1. Recently, Musk reignites bullish sentiment for Dogecoin after he confirmed that X will never launch a crypto token.
Rekt Capital predicts if Dogecoin records a small relief rally this week, it will start moving upwards. Several analysts recently pointed out an upside momentum towards $0.1.
“It will resemble the price behaviour of all the previous retraces that occurred within this pattern when DOGE rejected from resistance.”
DOGE price is trading at $0.073, down 1% in the past 24 hours. The 24-hour low and high are $0.0736 and $0.0757, respectively.
Also Read: Terra Founder Do Kwon Sells More LFG-Linked Bitcoin As SEC Lawsuit Moves Ahead
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
