Bitcoin on August 3, 2022 – At your compass!

Double meaning – The price of Bitcoin (BTC) is trading above $ 23,000, but the markets remain divided on the direction of the next move.

This Bitcoin price analysis is offered to you in conjunction with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

$ 19,000 Next stop for Bitcoin’s price?

Bitcoin price rises to $ 23,626 on Bitfinex today, August 3, 2022. Cryptocurrency trades at $ 23,381 at the time of this writing. Its price is currently posting a 1.77% daily gain.

As recapturing the 200-week moving average and holding above it are blowing bullish hopes among some traders, PROFIT BLUE tweeter shared a 9-hour chart of Bitcoin’s price, showing that the cryptocurrency could drop as low as $ 20,000 and up.

PROFIT BLUE Publication – Source: Twitter

Since mid-June of last year, the price of Bitcoin appears to have formed a similar pattern to that from May to mid-June, with a double high at the time, followed by the collapse that brought the price of Bitcoin back to levels close to $ 20,000.

Bitcoin price recently formed the second high, which hit a resistance zone between $ 23,000 and $ 25,000. The cryptocurrency may therefore have started a fall it would not find support for only $ 19,000. The chart further highlights the existence of a downtrend line.

BTC price: imminent exit from the bearish zone

Instead, XOR Strategy founder Aurélien Ohayon shared a 2-day Bitcoin price chart, with a bullish outlook, noting that ” a mighty bull run begins “.

The chart shows the existence of bearish, pre-bullish and bullish zones that Bitcoin has gone through since 2014. The price of the cryptocurrency has entered the bearish zone after hitting an all-time high near $ 69,000.

BTC USD: entering the pre-bullish zone
Publication by Aurélien Ohayon – Source: Twitter

It would currently be at the gates of the pre-bull area. The bullish zone would begin after mid-2023. In this pattern, Bitcoin would reach a new 6-digit ATH for the next cycle, after mid-2024.

The outcome of the battle between bulls and bears remains uncertain. Historical data shows two different possible patterns for the short-term price of Bitcoin. The last word now belongs to the macro-environment, which could put this month of August in red or green?

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