According to the analysis of Akash Girimath, the price of Bitcoin is stuck in a consolidation pattern which will eventually breakout to the bottom from the looks of it, as the pattern seems wildly similar to the one seen right above it. The drop from the current pattern could result in BTC heading to as low as $7,700 or hitting a roadblock at $7,850.
The chances of Bitcoin falling further down becomes more concrete once the 0.5-fib level is breached, along with subsequent closes below the 200-DMA. If the scenario ever plays out, Bitcoin might head to $6,580 or even find a support midway at $7,300–$7,400.
Quick Tip Stish Credits When You Click The "Quick Tip" Button!