How low can the Bitcoin price go?

How low can the Bitcoin price go?


The price of Bitcoin (BTC) has fallen to one-month lows, and traders are increasingly betting on more downside to come.

Bitcoin price slides to one-month lows

BTC price performance has weakened in recent days, with BTC/USD hitting $28,850 on July 24, data from Cointelegraph Markets Pro and TradingView confirms.

Despite a brief rebound, market participants remain unconvinced that the largest cryptocurrency has seen the worst of its losses.

Cointelegraph looks at current prognoses for crypto and risk assets during a major macroeconomic week.

BTC/USD 1-day chart. Source: TradingView

$28,500 for a last leg down?

For popular trader Crypto Ed, the prior dip to Bitcoin’s lowest since June 21 was entirely expected.

Now, he believes that a final break into buy liquidity should occur, taking BTC/USD to around $28,500. A relief bounce to $29,400 could come first.

“If we do get a move like this, then I’m looking for a setup for more downside and possibly $28,500 – 400, more or less,” he said in his latest YouTube update.

Crypto Ed showed an additional target box covering prices as low as $27,800, but acknowledged that he was unconvinced that Bitcoin would make it there.

Low $27,000s to “stop out” bidders

For fellow trader Crypto Chase, the downside could take Bitcoin toward $27,000 before last-minute long entries get suitably burned.

Speculators should end up bidding at major price points as BTC/USD moves down — at $29,200, $28,500 and $28,000, he predicted earlier in July.

In an update on July 24, he maintained that this was the likely course of events.

“These are still mostly my thoughts. I can’t short now as strong R/R opportunities are behind us, decent entries were not offered based on my strategies,” he acknowledged to Twitter followers.

“With that said, feed already turning giga bear, still plan to bid low 27’s for a strong bounce and see where it takes us.”

BTC/USD annotated chart. Source: Crypto Chase/Twitter

An accompanying chart showed relevant Fibonacci retracement levels for the daily chart.

Moving averages still to see retest

Ahead of a series of crunch United States macro events, various traders are keeping out of Bitcoin until a more apparent trend emerges.

Related: Biggest mining difficulty drop of 2023? 5 things to know in Bitcoin this week

Nonetheless, various moving averages persist as important lines in the sand, among them the 200-week and 21-week at $27,130 and $28,200, respectively.

“Bitcoin is testing support in a key zone of historical significance,” Keith Alan, co-founder of monitoring resource Material Indicators, summarized on July 24.

“Not convinced we’ve found strong support yet, but the 21-Week MA looks like it could provide a stronger foundation. Need to let things develop a bit for some clarity.”

BTC/USD 1-week chart with 21, 200 MAs. Source: TradingView

As Cointelegraph reported, some worst-case scenarios include far deeper drawdowns, with even the loss of $20,000 not entirely off the table.

Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.



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