- Bitcoin is currently defaulting on the 10, 20, 50, 200, and 800 EMAs.
- A crypto analyst says this might make the price reduce to $21.7K.
There’s no significant change in Bitcoin’s price over the past few months. So, the apex cryptocurrency made many increases, but there were also decreases. A crypto analyst recently made a profound analysis regarding Bitcoin’s price.
Crypto Analyst Bitcoin Price Decline
- There’s a popular crypto channel on YouTube called the Crypto Banter. So, the host of this crypto channel, Annii, recently said that Bitcoin’s price might fall down to $21.7k from her analysis. For a very long time, Bitcoin price continues to move around in circles. Sometimes, it will break the $27k range, decrease to $25k, and continue in this circle. So, this crypto analyst is saying that Bitcoin might even come down all the way to $21.7K.
- This is according to the identification of bearish sentiments in the price history of Bitcoin. There’s a failure from Bitcoin to get back to the support created during the last bull market, according to the analysis from the host.
More Details About From the Crypto Analyst
- This crypto analyst created quite a strong reason Bitcoin might come down to the $21.7K level. So, she made her analysis using data from the 10, 20, 50, 200, and 800 exponential moving averages (EMAs). Analyzing the BTC/USD asset using these metrics shows the apex cryptocurrency is in huge trouble. Bitcoin’s price is in a bearish zone, currently below all the plotted EMAs. So, this is according to the weekly chart analysis from EMAs.
- There’s a unique behavior from Bitcoin that supports the argument of coming down to the $21.7K price level. So, the analyst showed that Bitcoin continues to test the convergence zone of multiple EMAs. Each time Bitcoin does this, the price fails to go above them every single time. So, this is a bad signal. But that’s not all.
- Annii identified another Achilles Heel in the price charts of Bitcoin. There’s a candle in the weekly charts that is to make a full recovery in the market. So, this crypto analyst believes that this faulty candle has a bearish target of $21,700, assuming it is going to make a recovery.
Any Hope for Bitcoin?
- At the end of her discussion, the host of Crypto Banter pointed out another scenario in Bitcoin’s price. So, there’s a chance of avoiding the $21.7K price trajectory from Bitcoin.
- Assuming the apex cryptocurrency moves above the converging EMAs, it will nullify the theory of a $21.7K downtrend. In fact, it might even lead to higher price levels. At the time of writing, Bitcoin’s price is still within $26.4k.
Conclusion
Over the past few weeks, there are many analyses regarding the price of Bitcoin. So, this host on a crypto YouTube channel named Annii recently made an analysis of Bitcoin’s price. According to her, Bitcoin is defaulting on several EMAs, which might make the price come down to $21.7K.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
