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Home Bitcoin

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

LiveBetPro by LiveBetPro
August 7, 2022
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(Akash Girimath – FXStreet)

– Bitcoin price is seeing a massive consolidation above the 200-week SMA at $22,794.

– The fractal formation is on its last leg and is yet to retest $23,666 before collapsing to $21,140 or other targets.

– A daily candlestick close above $24,565 that flips it into a support floor will invalidate the bullish theiss.

Bitcoin price shows lackluster performance despite the announcement of BlackRock’s entry into crypto. Due to the spotlight on Ethereum and its upcoming Merge update, investors seem to be neglecting BTC, which could explain its slow and sideways movement. 

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However, this could take a turn, in terms of volatility, as bears take control due to this fractal formation that forecasts a steep correction.

Bitcoin price awaits an opportune moment

Bitcoin price fractal in formation mentioned above revolves around the 30-day Exponential Moving average (EMA). The last time BTC broke above this above EMA, it rallied roughly 13% and set a local top at $24,296. 

The undoing of this move took place over the next five days and consisted of forming a double top at $22,999 and a swift breakdown of the 30-day EMA, leading to another leg down. This price action occurred over the course of eight days and involved a complete undoing of gains.

The fractal seems to be repeating yet again, but this time around, when BTC breached the 30-day EMA, it set a local top at $24,565, which is the midpoint of the 42% that occurred between April and June 2022.

A double top formation at $23,666 is the only move that is left to complete the fractal. Once this double top is formed, the chances of an eventual decline will increase. In such a case, at least based on historical data, Bitcoin price could revisit $21,440, which will fill the price inefficiency.

BTCPERP

On the other hand, if Bitcoin price breaches through the $23,666 resistance level, it will invalidate the fractal. The bearish thesis, however, will face invalidation if BTC produces a daily candlestick close above $24,565 and flips it into a support floor.

Read Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Post Views: 312

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FXStreetWarning: 150,000 Bitcoin tokens about to flood the market could trigger sell-off FXStreetWill the Fed prevent BTC price from reaching $28K? – Five things to know in Bitcoin this week BitcoinBitcoin: We need a break back above 23000 for a buy signal FXStreetBitcoin price, FOMC and 75 bps: What happens after the euphoria ends? FXStreetBitcoin Weekly Forecast: Is BTC out of the ‘bearish’ woods yet? bitcoinBitcoin is climbing out of the pit but is not yet ready to fly BTCUSDHas Bitcoin price exhausted the FOMC-driven rally? BTCUSDWhat does the future hold for Bitcoin price as Ethereum’s ‘Merge’ narrative takes over?
Tags: Bitcoin fractal forecastBitcoin priceBitcoin Price PredictionBTCPERP news

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