Analysts: Bitcoin price may drop to $10,000-12,000

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There is a possibility that bitcoin may start to drop sharply in price, to $10-12 thousand, according to Norhstar & Badcharts technical analysts Kevin Wadsworth and Patrick Karim. AT interview Kitco News, they explained their assumption with a technical analysis of the chart of the first cryptocurrency. Writes about it RBC Crypto.

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“According to the chart, the price of bitcoin is in an inverted arc, opposite to the “Cup” pattern… 30% that it will start to grow,” said Wadsworth.

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The local minimum price of bitcoin in 2022 was set on June 18 at $17.6 thousand. As of August 17, the first cryptocurrency is trading at $23.7 thousand.

In the event that the bitcoin rate starts to grow, according to Wadsworth, it can reach $29-30 thousand. According to the analyst, this is the maximum level to which the value of the cryptocurrency can rise before it starts to decline.

“We are either already at local peaks, or very close to them,” the specialist emphasized.

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Source: Cryptocurrency

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