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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Price Imminent Crash Into The $23,000 Level, These Are The Bearish Catalysts

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin Price BTC BTCUSDT

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The Bitcoin price has been moving sideways over the past few weeks, although it saw a volatility spike in the last 24 hours. However, the cryptocurrency remains stuck as sentiment turns negative, and more and more traders expect another re-test of critical support.

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Bitcoin

Bitcoin Price Prints Bearish Technical Pattern, Why It Could Drop To $24K

1 year ago

As of this writing, Bitcoin (BTC) trades at $26,200 with a 3% profit in 24 hours. The cryptocurrency recorded a 2% profit the previous week and was the best performer in the crypto top 10 by market capitalization.

Bitcoin BTC BTCUSDT Chart
BTC’s price is moving sideways on the daily chart. Source: BTCUSDT on Tradingview

Why Is The Bitcoin Price Likely To Re-Test Critical Support

According to trading desk QCP Capital, the crypto market is about to enter its final quarter with a large option expiration event set for September 29th. These events are often a source of high volatility as major players hedge their positions, roll out contracts for future expiration dates, etc.

In addition, the trading desk points to late September as days with a lot of confluence between macroeconomic forces and their Elliot Wave count, signaling bearish price action. The Elliot Wave indicator attempts to provide a price trajectory for an asset by considering market psychology and investor sentiment.

QCP Capital believes that Bitcoin is moving and will likely correct into the $23,000 area to complete the trajectory corresponding with a Wave B, per the Elliot Wave theory. The crypto trading desk stated:

Based on both blueprints, we expect an imminent final decline to close out the quarter at the lows (Chart below). The crypto and macro events calendar also lines up with this view, with a concentration of upcoming bearish events that only turn neutral from mid-October onwards. This includes a likely higher-than-expected CPI tomorrow and a more-hawkish-than-expected FOMC next week (…)

Bitcoin price BTC BTCUSDT Chart 2
BTC’s price possible Elliot Wave count and move into the $23,000 region. Source: QCP Capital

Moreover, other bearish factors coincide with this potential bearish price action, such as the Mt. Gox Bitcoin unlock and the event surrounding the failed crypto exchange FTX. The bearish trajectory, QCP Capital argues, could prolonged into mid-October this year.

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Bitcoin Price Bounces Back To $26,000, Here’s Why

1 year ago

If the BTC price completes this trajectory, then the market would have hit bottom, and Bitcoin could begin to recover from a long winter. For late 2023 and 2024, the trading desk is more optimistic:

(…) while our theory implies a bottom soon after the supermoon early next month, we think the true bottom will come in mid-late October when the bad news cycle has run its course. We nonetheless remain bullish following that, into year-end and Q1 next year.

Cover image from Unsplash, chart from QCP Capital and Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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