- BTC rising wedge on weekly timeframe breaks down.
- Bearish waters intensify, analysts expect greater dips ahead.
- There is also the possibility of a BTC price bounce.
The crypto market seems to be losing any leverage it may have had, which was pointing to a promising recovery. Now, most analysts are finding more signals pointing to a major price fall, signaling a true start to the bear market. One analyst notices a heavily bearish sign on the BTC price chart and sees the BTC rising wedge on weekly timeframe breaking down, leading to bearish expectations intensifying.
BTC Rising Wedge on Weekly Timeframe Breaks Down
Both Bitcoin and Ethereum have been experiencing declining prices over the last few days. In particular, the price of the pioneer crypto asset, Bitcoin (BTC), fell below the $95,000 price range earlier this week and below $90,000 by yesterday. Today, the price of BTC recovered to reclaim the $93,000 price range, only to fall back to the $91,000 price range, where it is currently trading.
Meanwhile, the price of the pioneer altcoin asset, Ethereum (ETH), also fell significantly this week, following Bitcoin’s lead. To highlight, the price of ETH fell as low as the $2,900 price range only to reclaim the $3,100 price range, and is currently trading in the $3,000 price range. At the moment, since both ETH and BTC are trading at lower prices, expectations for altcoins to surge are just as low.
Bearish Signs Prevail
In the previous month, expectations were that Bitcoin would surge to set one final new ATH price before seeing a Bitcoin Dominance breakdown, finally allowing altcoin prices to surge. Now, however, most analysts are certain that Bitcoin has entered a bear market, and very few and holding out hope for a bullish altseason to play out. In fact, very few analysts expect an altcoin rally to arrive.
As we can see from the post above, this analyst sees that the BTC Rising Wedge on the weekly timeframe has broken down, meaning that bulls have lost the Weekly EMA50 Support for the first time since October 2023. From here, if this turns into a fakeout, Bitcoin can still bounce back. At the moment, it seems bears are in full control. The analyst concludes by saying that he expats BTC to retest the $78,000 to $80,000 price range in the coming weeks.
Meanwhile, another popular analyst adds that Bitcoin is currently on the edge. The analyst marks in the chart accompanying the post how the lower band of the channel is the real moment of truth. A clean break below it would confirm that the cycle’s momentum has shifted. The post concludes that BTC is still holding the level for now, and that a good bounce back from here could be likely.
