Following a sharp drop in the price of BTC over the past 24 hours as a result of the bulls’ recent lack of strength, it is now clear that the leading asset in decentralized finance (DeFi) may fall even more before rising once more.
Does Market Volatility Foreshadow Bitcoin’s Will Fall to $28.000?
In fact, a cryptocurrency market analyst by the name of Crypto Tony observed in a piece published on August 1 that Bitcoin has failed to recoup its range bottom at $29,500 and is threatening to continue its drop, with $28,000 more of a reality in the coming days.
In fact, according to Crypto Tony’s study of the chart pattern, the BTC may reach the level at $27,400 before the middle of August, at which point it may begin to rebound. Then, it moves toward regaining the $29,000 level by the end of the month.
CoinMarketCap Community Also Predicts BTC Price Decline
The cryptocurrency community at CoinMarketCap, a platform for tracking the crypto industry, is also bearish on the price of Bitcoin by the end of the month, with its votes suggesting that it could decline further and average $27,357 by August 31, 2023, based on the most recent data. But of course, the crypto sector is a volatile and dynamic place. Therefore, anything can happen with BTC at any time.
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