Annii, the host of the Crypto Banter YouTube channel, made a remarkable prediction regarding the price of Bitcoin BTC. According to his analysis, he predicts that Bitcoin may decline to $21,700. This prediction comes after Bitcoin failed to re-establish support levels from the previous bull market.
Analysis of Bitcoin BTC’s recent behavior
In a recent video, Annii looks at a topic. BTC/USD is examining an emerging bearish trend evident on its weekly chart. In his analysis, he highlights that the Bitcoin price is showing signs of moving below critical exponential moving averages (EMAs). Annii uses EMAs of various periods including 10, 20, 50, 200 and 800 to derive its views.
There is also an emphasis on bear signals on the weekly chart. Annii’s EMA analysis highlights that Bitcoin BTC currently finds itself in bearish territory. Despite its relatively bullish performance since the beginning of 2023, Bitcoin’s price is currently below all EMAs drawn on the weekly chart. Additionally, Annii identifies a distinct pattern that strengthens the downtrend. Over the past six weeks, Bitcoin has repeatedly tested the convergence zone of multiple EMAs. On the other hand, it could not consistently achieve a closing above these.
Bear target setting
In light of the established bearish trend, Annii points to a specific bullish candle on the weekly chart that has not yet fully recovered. This bullish candle dates back to the Bitcoin BTC rally in mid-March this year.
The ongoing pullback has clawed back nearly 50% of the gains from that rally. As a result, Annii set a bearish price target at $21,700 around the base of this candle. It is worth noting that a potential move above converging EMAs would refute the bearish hypothesis. Let us also emphasize that it may pave the way for higher Bitcoin BTC prices.
Current Bitcoin status
According to TradingView data, Bitcoin is trading at $26,247 at the time of writing. The price of Bitcoin has been following a sideways trend since the end of March, oscillating between $24,800 and $31,804. Annii’s views shed light on the evolving dynamics of Bitcoin price. On the other hand, it offers a valuable perspective for crypto enthusiasts and investors who want to navigate the twists and turns of the crypto market.
It is really difficult to predict what the coming days will bring for Bitcoin. However, there are emphases indicating that there is a cycle in the market. Therefore, there are especially signs that a bear market is approaching. In addition to optimism, there are also comments indicating that there is an accumulation phase, especially for investors. As we stated as Kriptokoin.com, the market is in a sideways movement mode for now.
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