Popular crypto expert CrypNuevo, who made an up-to-date assessment of Bitcoin, made striking claims. Stating that BTC will provide more liquidity on the upside, CrypNuevo stated that he can make a fake move that can lower its price to $ 25,300.
Can see $14,000
With the market moving, the price of Bitcoin has taken a significant hit over the past few weeks and has once again fallen below the critical $26,000 threshold in the past seven days.
This decline came as the upward momentum waned, which faced a series of hurdles. Concerns about potential interest rate hikes, the unsettling state of China’s real estate market, and the general decline in market activity are collectively contributing to the cryptocurrency’s downward trajectory.
Still, the recent drop in Bitcoin’s price has left many investors uncertain as to whether the crypto asset has truly bottomed out.
Cryptocurrency analyst Ali Martinez said on August 28 that historically, Bitcoin’s bearish trends ended when it reached the Proof of Work (PoW) Base Pricing Pattern, which is currently $14,800. This figure represents a significant potential drop of over 40 percent.
BTC is protected by strong support at $21,000
However, Martinez added that for such a drop to come, the solid support level of $20,900 would need to be surpassed beforehand:
“In previous cycles, BTC had reached the PoW Base Pricing Pattern to signal the end of the downtrend. This level is currently located at $14,800 and strong support appears at $20,900.”
The PoW Base Pricing Model is a concept used to identify potential floor prices during downtrends in the cryptocurrency market. It is derived from historical price patterns of cryptocurrencies, which tend to find support around certain price levels that reflect the cost of mining operations, taking into account factors such as electricity and hardware expenses.
Bitcoin could make a ‘fake move’
Popular crypto expert CrypNuevo said that BTC, which market makers describe as a strategy to encourage more short positions among retail investors, could see a significant “fake move” that could ultimately create more liquidity on the upside, bringing its price as low as $25,300.
In its “BTC Market Update” analysis based on liquidity data and market psychology, CrypNuevo also stated that this will allow market makers to arrange a short squeeze that could push Bitcoin prices between $27,000 and $28,300 in the coming days.
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