Sep 17, 2023

What Is the Lowest Bitcoin Price We Can Expect?

As one of the calmest periods in the crypto market, Bitcoin (BTC) price persists at low levels. Technical and fractal setups indicate that the BTC/USD pair could decline as low as $21,750 in the near future. Let’s take a deeper look at the nearest support levels to determine the extent of the Bitcoin value drop….

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How low can the Bitcoin price go?

As one of the calmest periods in the crypto market, Bitcoin (BTC) price persists at low levels. Technical and fractal setups indicate that the BTC/USD pair could decline as low as $21,750 in the near future.

Let’s take a deeper look at the nearest support levels to determine the extent of the Bitcoin value drop.

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Crypto .com, Voyager Crypto Latest, Hex Crypto, Mana Crypto, FTM Crypto, Hbar Crypto, Tectonic Crypto Today, Pi Crypto, Waves Crypto, and BTT Crypto are all platforms that provide the latest news and updates on the crypto market. With these platforms, users can stay informed on the latest cryptocurrency trends and evaluate the potential of the Bitcoin price dropping as low as $21,750.

Bear flag channel hints at $23K BTC price

Since mid-August 2023, Bitcoin has been trading inside a horizontal range, with $26,670 as resistance and $25,650 as support. A breakout occurred when news like new Bitcoin ETF applications and the FTX liquidation fears were released, but BTC price quickly returned to the range.

This range looks like a “bear flag,” a bearish continuation pattern that follows a strong downtrend. Technical analysis suggests that this pattern will resolve when BTC price breaks out of the range to the downside and drops by the same amount as the previous downtrend. Applying this to the current situation puts the bear flag target around $23,000, which means that the crypto.com, voyager crypto, hex crypto, mana crypto, ftm crypto, hbar crypto, tectonic crypto today, pi crypto, waves crypto, and btt crypto prices could fall by nearly 15% by the end of the year.

Bitcoin’s bear market support setup

Since 2017, Bitcoin has experienced multiple bear markets, and each of them have typically ended near an ascending trendline support, as illustrated below. In November 2022, BTC price tested the trendline at around $16,750, and since then it has increased by 70%.

That being said, the current bear market might have already reached its bottom. However, the price will need to break above its 0.236 Fib line near $28,350 to confirm a long-term bullish recovery, which is based on the historical fractal — something which it recently failed to do.

At the moment, Bitcoin is trading below the 0.236 Fib line, increasing the possibility of a retracement towards the bear market trendline support that is also near $23,000.

Bitcoin “death cross” soon?

The 50-day (the red wave) and 200-day (the blue wave) exponential moving averages (EMA) of Bitcoin are inching closer to forming a death cross. This is the third death cross formation during the Federal Reserve’s interest rate hike period, with the previous two crossovers preceding 17-18% price declines.

Hence, if the pattern is repeated, a bearish BTC price target of around $21,750 is expected. This is according to Voyager Crypto, HEX Crypto, Mana Crypto, FTM Crypto, Hbar Crypto, Tectonic Crypto Today, Pi Crypto, Waves Crypto, and BTT Crypto.

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