The price fluctuations in the cryptocurrency market continue. Finally, the Fear & Greed Index, which serves to measure the sentiment in the market, turned into extreme fear months later. BTC price declined from $25,000 to $21,000 in the last 2 weeks. The leading cryptocurrency is currently trading at $21,659. Analyzing these levels, 4 cryptocurrency experts shared their price predictions for Bitcoin and SHIB.
How is the Bitcoin price?
Before moving on to the analysis, it is useful to examine the Bitcoin price movement. Markets are pretty calm ahead of Friday’s Jackson Hole summit. As a result, Bitcoin (BTC) and the broader crypto market are posting slight gains. The data reveals that yesterday’s attempt by BTC bulls to push the price higher was flatly rejected by the $21,900 resistance. As Cryptokoin.com reported, this caused Bitcoin to drop to $21,600 yesterday, dropping off.
“Bears still dominate the market”
The strong resistance at $21,900 is proving that the bears have the upper hand in price action. Jim Wyckoff, senior market analyst at Kitco, thinks the same way. In his Bitcoin update yesterday, the analyst pointed out that prices have stagnated this week and said, “Bears generally have a short-term technical advantage.” According to him, the pause he mentioned created a collapse in BTC price volatility. Therefore, looking at the technical charts, the analyst says that he expects a major move to the downside next week.
“BTC must hold this level to avoid a drop”
Independent market analyst Michaël van de Poppe posted a Tweet emphasizing the importance of holding $21,500 to prevent the price from falling. In his post, he talked about the lackluster exit attempt of the Bitcoin price. What Poppe is currently looking for is the establishment of a higher low (HL) that will signal the uptrend remains intact. According to him, a break below $21,500 will lead to a retest of the support at $21,100.
Breakout on #Bitcoin here, as it broke above the range-high, but nothing special as #altcoins are losing against $BTC.
Need to see if another HL can be made and/or $21.5K can hold as support. pic.twitter.com/oLnauf0eR6
— Michaël van de Poppe (@CryptoMichNL) August 24, 2022
“Bitcoin price will not rise in the short term”
Cubic Analytics Senior Market Analyst Caleb Franzen evaluated the Bitcoin chart. The analyst posted a tweet highlighting that BTC price action has been “clear for the past 9 months.” Accordingly, the leading cryptocurrency states that it has been moving in a downtrend for the last 9 months. Franzen’s point of view shows that there is no point in bullishing in the short term unless this downtrend reverses.
#Bitcoin structure has been clear for the past 9 months:
Downward extension, consolidation, downward extension.
Need to see a change in this dynamic before becoming short-term bullish. pic.twitter.com/NZbJQg6AG5
— Caleb Franzen (@CalebFranzen) August 24, 2022
“SHIB price is in an uptrend”
Shiba Inu price completely erased its 35% rally on August 14 for the next six days. This development is a sign of overwhelming owners striving to make a profit. However, the pullback seems to have brought the SHIB price closer to the POC at $0.00000118. The barrier in question is the highest level of trading volume since April 11th. Therefore, it is an important support point. As a result, investors should wait for buyers to arrive and trigger another potential rally.
In such a case, investors should wait for SHIB price to visit the previous high of $0.0000179. Thus, they can bet on creating a local summit here. However, if the momentum continues, this uptrend could continue up to the $0.0000200 resistance, which represents a 68% gain. However, if SHIB fails to hold the POC level, selling pressure is likely to increase and Shiba Inu price is likely to retest $0.0000106.
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