Bitcoin approaches the August monthly close, with BTC price expected to see volatility.
hoped for a lower low construction to appear on weekly timeframes in what could be part of a “subtle rising wedge.”It is no secret that Bitcoin has underperformed this month — even by August standards, which have rarely given bulls anything to celebrate.
Continuing, Rekt Capital noted that September usually offers a “single-digit drawdown.” Against the backdrop of its recent double top on weekly timeframes, a $22,000 target lines up. Michaël van de Poppe, founder and CEO of trading firm Eight, concluded that it has in fact been Bitcoin’s “longest bear market in history.”
Van de Poppe added that even positive news events, such as the future green-lighting of the United States’ first Bitcoin spot price exchange-traded fund , had not yet entered market consciousness. Bitcoin and altcoins have displayed precious little regard for macroeconomic developments in recent weeks.
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