Bitcoin

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/btc-price-forecast-heres-how-bitcoin-can-make-a-comeback-to-refuel-the-2023-bull-run/">BTC Price Forecast: Here’s How Bitcoin Can Make A Comeback To Refuel The 2023 Bull Run!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>breakout, Bitcoin prices hold off the downfall above $25K. The sudden drop in BTC price puts multiple holders and whales under the stress of unrealized loss.&nbsp;</p> 
<p>MicroStrategy, for example, currently holds 152,800 $BTC at an average of $29672. With the current price at $26,111, the unrealized loss amounts to approximately $85,564,800.&nbsp;</p> 
<p>Nevertheless, smart money continues to flow as Bitcoin’s falling prices halt slightly above the $25K support zone.&nbsp;</p> 
<h2 id="why-25k-support-zone-is-critical-for-bitcoin" data-name="why-25k-support-zone-is-critical-for-bitcoin" class="wp-block-heading">Why $25K Support Zone is Critical For Bitcoin?</h2> 
<p>As the crypto market struggles to recover from its worst week after the FTX fiasco, Bitcoin price halts at $26K. However, the crucial support zone at $25K remains the next bullish fortress as per the Bitcoin price action.&nbsp;</p> 
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<p>Providing resistance multiple times and supporting the previous correction in BTC price before this fall makes $25K a high-action spot.&nbsp;</p> 
<p>Similar to the $25K support zone, Bitcoin’s 49% market dominance level remains a crucial spot. In his recent tweet, Benjamin Cowen, CEO/Founder of ITC_Crypto, marks the importance of the 49% level.</p> 
<p>Benjamin states that in June, many people said that BTC dominance would never break 49% and that alt season was about to begin. However, those same people criticize BTC dominance because it has returned to 49%.</p> 
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   <p lang="en" dir="ltr">In June, many said <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> dominance would never break 49% and that alt season was about to begin.<br><br>Now those same people are dunking on <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> dominance because it had a pullback to 49%.<br><br>The altcoin casino will remain open until all the money is gone. <a href="https://t.co/Of8Th3hK3g" rel="noopener noreferrer nofollow">pic.twitter.com/Of8Th3hK3g</a></p>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1693479721491644500?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 21, 2023</a> 
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<h2 id="bitcoin-technical-analysis" data-name="bitcoin-technical-analysis" class="wp-block-heading">Bitcoin Technical Analysis</h2> 
<p>Despite the support trendline breakout, Bitcoin prices find support at $26K as the trading volume subsides, indicating a fall in selling pressure. Moreover, BTC price action projects a potential double-bottom reversal from the $25K support zone.&nbsp;</p> 
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<p>Currently trading at $26,058, Bitcoin price action displays multiple lower price rejections and increases the reversal potential. However, the intraday loss of 0.57% and the consolidation within the 4-hour chart will determine the future trend.&nbsp;</p> 
<h2 id="will-bitcoin-manage-a-reversal" data-name="will-bitcoin-manage-a-reversal" class="wp-block-heading">Will Bitcoin Manage A Reversal?</h2> 
<p>For the 2023 bull run to survive, Bitcoin price must avoid a downfall below the $25K mark. A reversal at this level is extremely necessary to improve the market sentiment, and the lower price rejections display a bullish action in play.</p> 
<p>If the BTC price reverses in the coming week, the possibility of retest will drive a selling force at the broken trendline. Therefore, short-term buyers can find this as a profit booking spot.&nbsp;</p> 
<p>Conversely, if the Bitcoin market value falls below the $25K support level, the downtrend will crash the BTC price, potentially to $20K.</p>

BTC Price Forecast: Here’s How Bitcoin Can Make A Comeback To Refuel The 2023 Bull Run!

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