Could the Bitcoin (BTC) Price Fall to $15,000 in September? Here Is What the Researcher Thinks

Could the Bitcoin (BTC) Price Fall to $15,000 in September Here Is What the Researcher Thinks.

What If Bitcoin (BTC) Dropped To $15,000 In September? The post An Analyst Weighs In appeared first on Coinpedia: Blockchain, Bitcoin, Ethereum and more!

Tone Vays, a popular cryptocurrency trader and analyst, recently predicted that Bitcoin would experience a significant price increase in the days ahead.

The analyst claims in his latest YouTube video that Bitcoin’s technical indicators are currently located on a high interval chart, where they are signalling a negative trend.

The analyst says the weekly chart is not doing well because the moving candle is entirely under all three moving averages and there is a red star candle on the chart. The fact that the euro is trading below the 200-week moving average further reinforces his negative outlook.

Could the Bitcoin (BTC) Price Fall to $15,000 in September Here Is What the Researcher Thinks.

Vays then describes the momentum reversal indicator (MRI) and how he employs it to make sense of the observable shifts in the market.

The strategist believes, with reference to the daily chart, that Bitcoin’s current pattern is comparable to that which was seen in May and June, when the currency fell from $30,000 to below $20,000.

Since the price declines during consolidation at the bottom level, the analyst dubs this area the “gray zone of accumulation.” The market, according to Vays, will likely enter a period of consolidation.

After that, he predicts that Bitcoin will cave around the $15,000 mark if the price experiences a bounce at $19,000.

Bitcoin has risen by 2.94% over the past 24 hours, and is currently trading at $20,409.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.