bitcoin (BTC/USD) is trading near $19,900 as the price bounced off the intraday low. While BTC could still break above $20,000 and attempt a further recovery, a top crypto analyst says that the bears may still have the upper hand.
Bitcoin Price Prediction: Double Top Formation Confirms BTC Bearishness
Bitcoin Crypto analyst and trader Rekt Capital risks support near $19,000 noted, With bitcoin still reeling from below the macro downtrend line, the analyst says the latest weakness could target new lows near mid-January prices. In his view:
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“BTC spiked to $19,700 after confirming a breakout from its bearish double top formation. However, a double top technical target for $BTC lies around the low $19,000s. So some additional downside is not out of the question. “
According to the analyst, this outlook for bitcoin price follows a loss of $21,700 as a support verification point for the bulls. Failure of price to sustain above this point validated a double top formation, and a technical analysis For perspective, if the technical picture suggested by the pattern pans out, BTC could now break lower to $19,000.
Rekt Capital shared this prediction for the price of bitcoin in a forecast shared on Twitter before falling to as low as $19,600 on major exchanges today. it was Thrown light on A double top formation on bitcoin’s weekly chart, marking a potential decline as bulls wrestle with resistance near $22,444.
From a technical point of view, this level served as an important “reference point” for the buyers. However, as Rekt rightly predicted, a sustained failure to break out at higher risk resulted in bitcoin price declining to $21,700.
is here chart the analyst shared earlier this week (on March 7).
“Actually, BTC dropped from orange resistance to ~$21700 (blue). $21.7k key support now. Can price make higher lows than mid-February lows? Because if not, $21700 as validation A double top is likely to form with losses of Rs.
What’s next for bitcoin as a lot of negative news has caused the price to slide?
Over the past three days, bitcoin has traded lower amid several negative triggers. This includes Silvergate Capital (NYSE: SI), a negative catalyst that became more damaging with news of its impending closure. as inves Covered On Monday, bitcoin and crypto in general saw a “lureless” start to the week following the Silvergate Bank report.
On Thursday, more bad news for crypto emerged with the New York Attorney General filing a lawsuit against crypto exchange KuCoin for offering unregistered securities. Ethereum was included in the lawsuit as one of the security tokens. What triggered the bloodbath on the crypto streets were reports that the US government wanted to increase the taxes imposed on bitcoin mining and Uncertainty Around Silicon Valley Bank.
Changpeng Zhao, CEO of Binance Tweeted About these events that happened in the last 24 hours. He added that despite all the negative headlines, bitcoin “still building blocks,
So what does Rekt Capital predict for bitcoin in the near term? According to the analyst, the rejection of the latest lows highlights a potential third straight hurdle at quarter close. However, he noted that BTC still has time to print a quarterly close above the critical $20,000 region.
