Analyst Warns of Potential Downside for Bitcoin in August
An analyst with a large following in the crypto community is sounding the alarm about Bitcoin’s future. The pseudonymous analyst, known as Rekt Capital, points out that historically, the month of August has been bearish for BTC. Additionally, he highlights a bearish divergence on the weekly chart’s relative strength index (RSI), indicating a potential loss of momentum for Bitcoin. Rekt Capital suggests that if this bearish signal plays out, Bitcoin could drop to as low as $24,000.
Key Points:
– August has historically been a bearish month for Bitcoin
– BTC’s RSI is showing a bearish divergence on the weekly chart
– Bitcoin could fall to $24,000 if the bearish signal plays out
– Reclaiming a key level or breaking the RSI’s diagonal resistance could invalidate the bearish signal
– Bitcoin is currently trading at $29,127
Hot Take:
Crypto investors should keep a close eye on Bitcoin in August, as the historical data and technical indicators are suggesting the potential for downside movement. While there is no guarantee that Bitcoin will drop to the predicted levels, it is important to be aware of the risks and monitor the market closely. Stay informed and consider your investment strategy accordingly.
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