Following a sudden decline in the price of Bitcoin (BTC) in the last 24 hours in a culmination of the weakness that bulls have been demonstrating across the past few days, it has become apparent that the flagship decentralized finance (DeFi) asset could drop further before recovering again.
As it happens, Bitcoin has failed to reclaim its range low at $29,500 and is threatening to continue its decline, with $28,000 “more of a reality” in the next several days, according to the observations of a cryptocurrency market analyst known as Crypto Tony in a post shared on August 1.
In fact, the expert’s chart pattern analysis suggests that the maiden cryptocurrency could touch the level at $27,400 before mid-August, after which it might start its recovery and continue toward reclaiming the $29,000 level by the end of the month.
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It is also worth mentioning that the crypto community over at the crypto sector monitoring platform CoinMarketCap is likewise bearish on the price of Bitcoin by the end of the month, its votes suggesting that it could decline further and reach an average of $27,357 by August 31, 2023, as per the latest data.
Bitcoin price analysis
In the meantime, Bitcoin is currently changing hands at the price of $28,924, which represents a decrease of 1.57% on the day, in addition to losing 0.74% across the past week and declining 5.19% over the previous month, according to the latest charts.
Earlier, crypto trading analyst PlanB highlighted Bitcoin’s halving event in 2024 as a potential catalyst that could elevate its value toward $1 million, sharing several models that could provide the digital asset with room to grow toward this price level, as Finbold reported on July 28.
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