Bitcoin Price Prediction: BTC Drops Below $26,000 – Are Bears Taking Charge of the Market?

Updated: 04 September 2023

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Bitcoin momentarily dropped below the $26k mark before a panic rally pushed its price back up. But the world’s oldest cryptocurrency is still finding it hard to sustain this level, with signs showing that it may drop down once again. Are the bears taking charge of the narrative, or will the bulls come back to reclaim the token?

Bitcoin Climbs 0.52%

Bitcoin’s price action has been tumultuous in the last 24 hours. Hourly charts show the token dropping by 0.32% to $25.8k before a panic rally pushed it back into action. The BTC price is currently up by 0.52%, where it is struggling to stay above $26k.

At 11:57 pm EST, Bitcoin was valued at $25.9k. There has been a slight increase in its market capitalization, which now stands at $506.09 billion. Also, over the last 24 hours, its trading volume has increased by 4.04% and is now $9.4 billion.

Bitcoin Hits Accumulation Range – Perma Bear Call for New Lows

Mags, one of the verified users on CoinMarketCap, has revealed that those permanently bearish on Bitcoin have started calling for new lows in response to Bitcoin’s current state.

This comes at a time when Bitcoin has hit an accumulation range while showing a slight bullishness in the way it is moving along the price chart.

Bitcoin Hourly Price Chart - Analysis — Bitcoin Hourly Price Chart

This slight bullishness is accompanied by an RSI that has slowly started to move up and currently stands at 58. Moving Average Convergence/Divergence is also moving in a positive direction. These factors indicate that bears might be loosening the leash they have had over Bitcoin since it dropped just above the $25k mark.

Bitcoin Price Analysis – Long Term

Bitcoin’s long-term analysis doesn’t have the same bullish picture as its hourly charts. This premier crypto is currently moving below its 50-day moving average and its 20-day MA. This deviation seems to be increasing. A wider separation between the two could mean that Bitcoin will hit even lower lows in the coming days.

The Fibonacci Retracement chart also shows that Bitcoin is currently in the middle of its current resistance and support. A long red in the coming days could push its value below $25,300. A long green, on the other hand, can help it retest its $26,800 resistance and aim for $28,000.

Things are still ambiguous for Bitcoin, which makes investing in an alternative asset a better option right now.

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