Plunge

Bitcoin

Sherpa

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/this-is-going-to-just-be-a-lower-high-claims-an-analyst-will-bitcoin-btc-plunge-back-to-27000/">‘This is Going to Just be a Lower High’-Claims an Analyst; Will Bitcoin (BTC) Plunge Back to $27,000?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After remaining almost stagnant for nearly a week, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> displayed huge volatility in the past few days by hitting $30,000. While the possibility of a bullish reversal loomed, the bears got back in action, restricting the price below $29,400. If the trend in the short term is considered, then it appears to be a minor pullback, but in the larger perspective, it could be nothing less than a lower high, signifying the growing strength of the bears.&nbsp;</p> 
<p>Lower highs are usually formed to trap the bulls at the interim highs, where the price surges slightly to attract them. This is followed by a steep descending trend in the long term, pointing to the possibility of a high probability of testing the lower support in the short term. If the bulls fail to trigger a reversal at the support, the price could tend to drop towards the next support.&nbsp;</p> 
<p>Hence, now that the BTC price has been showing signs of a bearish pullback, one of the popular analysts, Altcoin Sherpa, believes the price may reach back to the $27,000’s.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>: We have yet to see the reclaim on this one. Need to see a reclaim of the price floor of 29.6k or else this is going to just be a lower high and we go to the 27ks again. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/rfaKAC1JGu" rel="noopener noreferrer nofollow">pic.twitter.com/rfaKAC1JGu</a></p>— Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1686813589984657408?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 2, 2023</a> 
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<p>The analyst has listed out some reasons why he believes the bearish pullback could be possible,</p> 
<ul> 
 <li>The price has been maintaining a multi-week support level where it hits this consolidation each time</li> 
</ul> 
<ul> 
 <li>Further, the price deviates below these support levels, triggering a quick recovery and rising close to 200-day EMA</li> 
</ul> 
<ul> 
 <li>Later, the price sparks a healthy upswing after reclaiming the pivotal support levels, which have now turned into resistance&nbsp;</li> 
</ul> 
<p>Therefore, to trigger the next bullish wave, it is important for the price to test the lower support, which falls around $27,000. Hence, the current trade set mirrors the previous two price actions which suggests a bearish pullback could be imminent before setting up the next bullish wave.&nbsp;</p>

‘This is Going to Just be a Lower High’-Claims an Analyst; Will Bitcoin (BTC) Plunge Back to $27,000?

CoinPedia News

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