Bitcoin Price Prediction – August 24
The Bitcoin price is likely to spread the bearish move to areas below $35,000 after numerous attempts to hold gains above $37,500.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $54,000, $56,000, $58,000
Support Levels: $46,000, $44,000, $42,000
BTC/USD falls below $49,875 as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $49,000 following a significant breakout in the last few days. Hence, the bearish control has been seen across the market, with other major digital assets seeing similar losses when trading below the upper boundary of the channel.
Bitcoin Price Prediction: Can BTC Price Go Lower?
At the time of writing, the Bitcoin price is trading at $49,245 with an intraday loss of 0.51% as the prevailing trend is bearish with expanding volatility. However, Bitcoin (BTC) is currently consolidating in a bearish flag pattern and a breakout of this pattern in the direction of the previous trend is expected to continue. In this event, BTC/USD is expected to fall and stay below the 9-day moving average which may likely move towards the critical support levels at $46,000, $44,000, and $42,000.
However, if the Bitcoin price stays above the 9-day and 21-day moving averages; the price could rise to $50,000 vital resistance while a further bullish drive could take the coin to the resistance levels of $54,000, $56,000, and $58,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is currently moving below 70-level, which shows a possible bearish momentum may play out or the coin may range-bound before moving higher once again.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
As the market opens today, the Bitcoin price first went down to touch the daily low of $48,792, but now hovering around $49,377. Should the price drop further below the 9-day and 21-day moving averages, it could hit the next level of support at $47,500 and below.
However, should the bulls push the coin above the top of the channel, the Bitcoin price could hit the potential resistance level of $52,000 and above. Presently, the market may continue to move sideways or experience a downtrend as the technical indicator Relative Strength Index (14) moves to cross below 55-level.
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