22.08.202317:45 Forex Analysis & Reviews: Bitcoin is predicted to fall to $ 10,000

In the 4-hour timeframe, Bitcoin left the second lateral channel and then plummeted downward like a stone. As a result, traders had enough time to open short positions. The price is only a few hundred dollars short of reaching the $25,211 level, but we believe this level will be reached without any problems. This level should be considered alongside the $24,350 level. Thus, a rebound from this area will lead to a spiral of upward movement. At the same time, a breakthrough will allow for an expectation of an even greater decline in the world's first cryptocurrency, which many "experts" continue to predict will have a minimum value of $100,000.

Meanwhile, analysts from CoinShares reported that outflows from cryptocurrency products totaled about $55 million for the week of August 12-18, although inflows equaled $28 million the previous week. As we can see, institutional investors are more likely to be divesting from their buying positions than the opposite. Of course, the market was hit hard by the SEC's decision to postpone reviewing Bitcoin ETF applications until next year, as well as news about Tesla selling coins worth $300 million, but what were people expecting? Eternal purchases and eternal investments in Bitcoin? Over six months to a year, "digital gold" has been trading more like a market. It can remain stable for several months (stability), and the percentage of price changes has significantly decreased (volatility). Bitcoin is currently much more attractive than it was a year and a half to two years ago, as the hyper-volatility of Bitcoin repels many traders and investors.

At the same time, an analyst under the pseudonym Tolberti stated that Bitcoin could drop to $10,000 per coin. The price has fallen below the 200-week and 20-month moving averages, and a "bearish flag" forms on the chart. Tolberti also noted that since the fall of 2021, Bitcoin has fallen by more than half, while gold has increased in price by 2% over the same period. Therefore, the answer to the question of where to invest seems obvious. We want to remind you that the global downward trend that began in 2021 may not be over yet, and the rise from $15,000 to $30,000 may be an upward correction within this trend.

On the 4-hour timeframe, the cryptocurrency continues to decline as we expected. Since the price has left the two lateral channels, we expect a further decline of $500-$1000. Of course, it is too late to sell now; we must wait for new signals. And before they form, there may be several more weeks of flat trading, as this is how Bitcoin has moved in recent months and years. We are waiting for the area of $24,350-$25,211 to be reached, after which we will decide what to do next.