Bitcoin has been hovering around the $22,000-$23,000 range for about two months now. However, over the last two days, the flagship currency has been overtaken by bearish pressure and fallen to $21,000.
During the 2019 bull run, Bitcoin maintained a similar pattern of stability and consistent trading until it reclaimed the $10k level. Then, the next year, the currency attained its all-time high of $68,789 in November 2021. However, at the moment, the king currency is not providing any clarity in its price movement and is volatile and erratic, to say the least.
Analyst Katie Stockton, Founder & MD at Fairlead Strategies, believes BTC could revisit the $18,300 price levels.
Katie claims that BTC has now slipped below its 50-day moving average, which could be a sign that the currency will experience another massive bearish pull.
Bitcoin Price Around $18k Levels
While the lead crypto, Bitcoin, has lost its key trading levels, the analyst predicts a higher risk for the asset in the days to come. At the time of reporting, Bitcoin is selling at $21,366 after a slight push of 0.80% over the last 24hrs.
The strategist went on to say that the Bitcoin price will find its stability soon, and once the currency registers its short-term rally, it will most likely roll down to $18,000.
Prior to Jerome Powell, chairman of the US Federal Reserve, speaking at a conference on Friday in Jackson Hole, Wyoming, risk investments, such as Bitcoin, are likely to be more volatile. The fear of the interest rate hikes has been haunting the rally for a long time now.
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Source: https://coinpedia.org/bitcoin/heres-when-bitcoin-btc-price-can-drop-to-18k/