{"id":45421,"date":"2023-08-07T10:29:02","date_gmt":"2023-08-07T14:29:02","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-prices-will-drop-again-history-says-brace-yourselves\/"},"modified":"2023-08-07T10:29:04","modified_gmt":"2023-08-07T14:29:04","slug":"bitcoin-prices-will-drop-again-history-says-brace-yourselves","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45421","title":{"rendered":"Bitcoin Prices Will Drop Again, History Says. Brace Yourselves."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies continued to languish at depressed levels on Monday in what has become one of the quietest periods for crypto in recent history. Past trends suggest prices could soon fall\u2014and this week may usher in a fresh catalyst.<\/p>\n

The price of
\n Bitcoin
\n has retreated less than 1% over the past 24 hours to just above $29,000. The largest digital asset continues to inch further away from the psychologically important $30,000 level, which has formed the bottom end of a range up to $31,000 that provided support for Bitcoin prices for months.<\/p>\n

\n

\u201cWith Bitcoin\u2019s short-term realized volatility at historically low levels, the market seems to be in a \u2018wait and see\u2019 mood,\u201d said Yuya Hasegawa, an analyst at crypto exchange Bitbank. \u201cThe next stop could be around $28,000,and given the market\u2019s heightened concerns \u2026 recovery above $30,000 in the next couple of days is likely off the table.\u201d<\/p>\n

Digital assets have fallen into a lull in recent months\u2014a period of stagnant trading that has emerged as one of the quietest stretches in recent crypto memory. While history suggests a boring stage like this one is likely to precede the next bullish tear, it\u2019s no promise for how things will play out in the short or medium term.<\/p>\n

\u201cThe third quarter is historically Bitcoin\u2019s weakest so things might well get worse in the coming weeks before they get better,\u201d said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo. \u201cOn the downside, Bitcoin can fall to $25,000 and it wouldn\u2019t be a travesty but ideally it needs to stay above the 200-week moving average around $27,300 as it tends to tell us if Bitcoin is in a bullish or bearish trend.\u201d<\/p>\n

The days ahead could bring a fresh catalyst to crypto markets in the form of U.S. consumer-price index (CPI) inflation data, due Thursday. The data also are likely to move the
\n Dow Jones Industrial Average
\n and
\n S&P 500.<\/span>
\n U.S. inflation and the resulting pathway for Federal Reserve monetary policy has a similar bearing on cryptos as they do stocks\u2014both of which are rate-sensitive risk assets\u2014so the CPI print may move the needle, though traders aren\u2019t getting their hopes up.<\/p>\n

\u201cIt\u2019s noticeable that Bitcoin\u2014unlike traditional finance\u2014hasn\u2019t benefited as much in recent months from decelerating U.S. inflation and the prospect of an imminent end to the U.S. tightening cycle, further evidence we\u2019re in a summer crypto lull,\u201d Trenchev said.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was down less than 1% to $1,830. Smaller cryptos or altcoins exhibited more of the same, with
\n Cardano
\n and
\n Polygon
\n both slumping 1%. Memecoins were weaker, with
\n Dogecoin
\n down 2% and
\n Shiba Inu
\n shedding 4%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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