After briefly teasing below $26k last week, the Bitcoin price continued with a bearish sentiment on Wednesday. According to the latest crypto market data, Bitcoin price dropped down about 1.1 percent in the past 24 hours to trade at around $26,969 during the early London trading session on Wednesday. The bearish outlook in the Bitcoin market came after almost two months of consolidation and several rejections between $29k and $31k
Related: Crypto Market Outlook: Analyst Expects New Lows for Bitcoin and Altcoins – Coinpedia Fintech News
Bitcoin Analysis
According to a detailed Bitcoin technical and fundamental analysis by popular crypto analyst Jason Pizzino in a recent YouTube video, the top digital asset could be following a similar price action as previous macrocycles. In his analysis, Pizzino highlighted that Bitcoin is 79 weeks from the ATH, a similar tipping point in the prior bear markets.
In this regard, Pizzino forecast Bitcoin to consolidate before continuing with the macro bull rally case. Nevertheless, the analyst noted that Bitcoin price action is likely to follow the rest of the global index markets.
Market Outlook
Notably, several indexes including the Nasdaq100 have edged higher in 2023. However, as market economists predict a recession in the second half of 2023, the likelihood of Bitcoin prices dropping further stands. As the Fed raises interest rates to curb the high inflation, the crypto liquidity is expected to thin in the coming months.
As a result, the volatility of top digital assets including Bitcoin, and Ethereum is expected to remain high for the remaining days of the year.
No Dull Days in Crypto
With the increased mainstream adoption of cryptocurrency, the attention of traders has significantly shifted from meme coins to the Litecoin network, a subset of Bitcoin. Notably, the Litecoin network is preparing for its third halving in less than 78 days, which will significantly reduce the supply and thus, trigger a bull run.
Source: https://coinpedia.org/bitcoin/bitcoin-price-dips-below-27k-will-bears-continue-to-dominate/