Investors anticipate that the Federal Reserve will increase interest rates once again this week, which has caused significant losses for Bitcoin, Ether, and the overall crypto market. Despite a bullish shift in the market a day earlier, it was unable to reverse the trend.
Rekt Capital, a well-known crypto expert, expects that the price of Bitcoin might drop below $13,900 and reach $11,500 in the worst case scenario.
The Bitcoin price is currently failing to break the $20,000 mark on a monthly basis, displaying volatility. The $20,000-$23,350 region will mostly determine bulls and bears in this market.
However, the lackluster price movement in September shows that $20,000 is currently acting as a resistance level. The following support levels for Bitcoin are $17,165 and $13,900 if the price of the cryptocurrency falls below $20,000 by month’s end.
After a Death Cross, historically, the price of Bitcoin (BTC) develops a bottom at or below the 200-weekly moving average (WMA). Retracements following the Death Cross have ranged from -42% to -73%.
What does death-cross say?
Therefore, based on previous post-Death Cross retracements and support levels, it is expected that the price of bitcoin would bottom out at roughly $13,900. In the worst-case scenario, the price of bitcoin would fall to $11,500.
តើការសរសេរនេះមានប្រយោជន៍ទេ?
Source: https://coinpedia.org/bitcoin/bitcoin-death-cross-historical-data-hints-btc-price-to-see-worst-case-scenario-dropping-this-level/