Navigating Bitcoin's Price Plunge: What Awaits Next?

[Lee Dynamo]

The price of BTCBitcoin has undergone a breakdown of the pole-and-flag pattern, resulting in a decline below the significant immediate support level of $29,000, ultimately reaching a 25-day low below the $28,000 threshold. Despite this, it's noteworthy that BTC is currently trading below the 100-day Simple Moving Average (SMA), while the 200-day SMA remains positioned to potentially offer support in the near future.

The question that arises now is whether Bitcoin will experience a rebound or persist in its ongoing trend. The unfolding market dynamics will provide further insights into the trajectory of this cryptocurrency.

Tradingview post: https://www.tradingview.com/x/EIZjUOU4/

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[cabron]

Prepare for the $35000 that's what's next. Every time BTC falls like this, it will instantly bounce but maybe it will happen next month.

We are in the accumulation period I suppose and a lot are already expecting a dive before it will shoot to break a resistance which I think this dive must be it. But I think it will drop a bit more to $25000. The market always acts weirder every time the bull market is about to begin.

[goldkingcoiner]

Prepare for the $35000 that's what's next. Every time BTC falls like this, it will instantly bounce but maybe it will happen next month.

We are in the accumulation period I suppose and a lot are already expecting a dive before it will shoot to break a resistance which I think this dive must be it. But I think it will drop a bit more to $25000. The market always acts weirder every time the bull market is about to begin.

Exactly right. Some people really need to learn how to zoom out on the Bitcoin price chart. I mean look at monthly. There is still a lot of potential for up there. Even last weekly's candle seems to give a glimmer of hope that the current weekly candle will pull itself up by its bootstraps. There is nothing in the news which would point towards further dumps and I feel like we are currently in a bear trap. Accumulation is probably looking to keep going strong. We have had many such sudden dips with no apparent cause before a quick reversal in the past. In other words, I do not trust the red candle currently forming.

[Johnyz]

This is the prediction of many and maybe we might see the price of $25k before we finally see the pump by next Month. This is a good opportunity to those who are waiting for a cheaper price with Bitcoin, and you can still wait for the support level. The bull trend is still far from reality, we should be more patient and plan ahead to know what to do next. After this drop, I expect a pump so don’t panic.

[goaldigger]

The next thing is to watch for the next support level because if the price breaks it, then you have to look for the next support and know when to buy.

The market suddenly becomes unstable and I don’t expect a pump. If you’re going to buy then this is a good opportunity now, this could be the last drop before the real bull market so make sure to catch this drop.

[Hamphser]

Prepare for the $35000 that's what's next. Every time BTC falls like this, it will instantly bounce but maybe it will happen next month.

We are in the accumulation period I suppose and a lot are already expecting a dive before it will shoot to break a resistance which I think this dive must be it. But I think it will drop a bit more to $25000. The market always acts weirder every time the bull market is about to begin.

Well said, this isnt something new or shall we say that these are typical movements but pretty sure that this current decrease did shake off some peoples knees and would really be that panicking

on what they are currently seeing without even trying out to look on whats ahead basing up into its potential.We would definitely be experiencing these kind of declines but whats next? For sure it would really be making out some pumps.The only hard thing or most common problem for us traders or investor is on how to distinguish the bottom for us to get in or make some position.
We are always that be minding about the possible bottom as much as we could on which we do really be able to utilize and make that perfect entry which we know that it cant be known or possible.

This kind of condition would really be definitely be depending on how you would really be dealing up with things or situation like this.Whether you would be holding your position and wait or would be buying up to accumulate more or you would be cutting losses.

[Hamza2424]

Haha, Currently I am trying to get a recovery pill for that, as for now when I'm posting an hour ago market gave me a good shock to me well I was expecting a dip but not like that haha it really drilled in my mind well, now it's moving back to position the low was around 25.6k and I was figuring out the reasons from a few friends and groups alerts it looks like something to do with eh SpaceX holdings. Seems like they dumped the sudden supply in the market which made the buyers panic and sellers took their entry as well in the same instant.

So haha what about the future traders they''ve got their whole portfolio messed up if they didn't follow the proper trading strategies... The heat map of Liquidation is driving crazy.

[GreatArkansas]

This level we have right now is the most awaited of other people.
For sure people starting to buy Bitcoin right now, before when we dropped below $30,000 then they predicted the next stop is at a level of $26,000.
I am now expecting a pullback above very soon.

[mvdheuvel1983]

The price of BTCBitcoin has undergone a breakdown of the pole-and-flag pattern, resulting in a decline below the significant immediate support level of $29,000, ultimately reaching a 25-day low below the $28,000 threshold. Despite this, it's noteworthy that BTC is currently trading below the 100-day Simple Moving Average (SMA), while the 200-day SMA remains positioned to potentially offer support in the near future.

The question that arises now is whether Bitcoin will experience a rebound or persist in its ongoing trend. The unfolding market dynamics will provide further insights into the trajectory of this cryptocurrency.

Tradingview post: https://www.tradingview.com/x/EIZjUOU4/

This doesn't call for panic at all. This is something that we are used to. In June we had same thing happen when the price plunged to below 26k and after a couple of days, it rebounded. This will not persist though. What is happening, I think is that bitcoin is reacting to the macroeconomics situation of bonds, equities, higher interest rates, and commodities weakening. It is a complex market but there is hope. You should get your money out and buy now.

[Gladitorcomeback]

Prepare for the $35000 that's what's next. Every time BTC falls like this, it will instantly bounce but maybe it will happen next month.

We are in the accumulation period I suppose and a lot are already expecting a dive before it will shoot to break a resistance which I think this dive must be it. But I think it will drop a bit more to $25000. The market always acts weirder every time the bull market is about to begin.

You guessed absolutely right and btc broke the 27k support and dumped hard to 25k. I am also thinking so that btc is now preparing for next move but before this big whale will try to liquidate future players and also make fear in the market so that weak hands sell btc.

 I have seen many times this kind if btc dump more than 10% and then also seen quick recover. so no need to be panic from this time too and hopefully btc will recover back to 30k and then next journey to 35k.

[Dr.Bitcoin_Strange]

I predicted Bitcoin for $32k+ this month, but looks like some certain factor have had it's way as normal, to making the price plunged, it's not a surprise but an opportunity to buy the Dip, even if it's still dip more, still an opportunity to buy more and hold, perhaps we are not yet in the bull market. Today is 18th day already, in the month of August and am not fully confident again on what the price can be on the last day of the month. But to be honest, right now, am not even having the thought for the market to rebounce because am still accumulating...

[Hamza2424]

This level we have right now is the most awaited of other people.
For sure people starting to buy Bitcoin right now, before when we dropped below $30,000 then they predicted the next stop is at a level of $26,000.
I am now expecting a pullback above very soon.

Well, I think yes most of the people filled their bags immediately on the dip because this was the first unexpected to drop below 26k and secondly everyone was waiting for this point even though I know a few of my connection people placing around 10% of their capital on the limit spot orders for the drop and they almost got 70% Hit. A quick handy accumulation point for those who were still waiting. I'm also expecting a quick pullback now it seems at least 3 to 4 days market will move around this line of 26k to 27k and even you can notice a few candles dropping below 26k.

Firstly it was considered and announced as Spacex did this and their selling pressure is behind this drop but now even analysts are questing this as still haven't tracked out the major outflow in the market, also if it is SpaceX then the valuation seems a bit uncertain.

[dunfida]

Prepare for the $35000 that's what's next. Every time BTC falls like this, it will instantly bounce but maybe it will happen next month.

We are in the accumulation period I suppose and a lot are already expecting a dive before it will shoot to break a resistance which I think this dive must be it. But I think it will drop a bit more to $25000. The market always acts weirder every time the bull market is about to begin.

You guessed absolutely right and btc broke the 27k support and dumped hard to 25k. I am also thinking so that btc is now preparing for next move but before this big whale will try to liquidate future players and also make fear in the market so that weak hands sell btc.

 I have seen many times this kind if btc dump more than 10% and then also seen quick recover. so no need to be panic from this time too and hopefully btc will recover back to 30k and then next journey to 35k.

And now we are heading back to $25k if this 26k would broke down.It is really hard to predict on whether that $25k support would be able to break or not but just like on what most people been anticipating which $35k

might be that possible maybe on next month or the remaining months of this year which it is really hard to tell. Now it isnt really that bad time to accumulate while coins are still that cheap. We know that whenever Bitcoins price or the entire market suffering from deep reds then we do really that see some recovery which is something that very typical scenario or situation that we do able to experience.
If you are just simply accumulating and just for long term then it wont really be that bad on making yourself do make out some position as of this moment as this market is really that on reds now
and not only limited on Bitcoin investment but other on top altcoins as well which they had recently dropped its price after Bitcoins price did experience that sudden plunge.
Well, this is just always like an ordinary day here on crypto space and nothing is shocking imho.

[nelson4lov]

I'm not sure of the micro movements in the coming days but I'm sure that the macro expectations are still unchanged despite the recent market downturn. Even more, this presents an opportunity for everyone who isn't aboard the BTC train, to do so now when the price is down. I expect the price to consolidate a bit at these price levels + possible upward swings in the coming weeks.

My long term views about Bitcoin's price hasn't changed. With the halving next year and maybe one of the ETF gets approved,  we're sure of the market doing a crazy run in the near future.

[Captain Corporate]

Well from the looks of things its not having a good day neither, a fall after a fall is always a bad indicator, it can fall once and that's not really a shocking deal, but from 29k to 27k already happened, and then it went from 27k to 26k levels as well. However, each fall brings us closer to a bull run as well, we all know that it will have a bull run so all we need to do is wait, the more it falls, the closer we get. Of course we can pass this period without going down as well, it can just stay the way it is, but that doesn't mean that we will never have any drops. So long story short, we are going to end up with a result where it will definitely have a problem if it doesn't fall and just accept that this is going to get better in the future.

[TimeTeller]

Well from the looks of things its not having a good day neither, a fall after a fall is always a bad indicator, it can fall once and that's not really a shocking deal, but from 29k to 27k already happened, and then it went from 27k to 26k levels as well. However, each fall brings us closer to a bull run as well, we all know that it will have a bull run so all we need to do is wait, the more it falls, the closer we get. Of course we can pass this period without going down as well, it can just stay the way it is, but that doesn't mean that we will never have any drops. So long story short, we are going to end up with a result where it will definitely have a problem if it doesn't fall and just accept that this is going to get better in the future.

This is just one of the hurdles in bitcoin market that I think can easily be surpassed.
Even if we say Musk's SpaceX company sold multi-million dollars worth of bitcoins, the plunge actually is not bad.
Because if this move was really huge, we can easily go down to 20k and below, so this won't last too long.
It can easily goes up as whales will try to get a hold of these cheaper bitcoins in the market.
So if have strong indication that anytime we will go up even to 30k level, you already have your profit when we go back to that price.

[Oilacris]

Well from the looks of things its not having a good day neither, a fall after a fall is always a bad indicator, it can fall once and that's not really a shocking deal, but from 29k to 27k already happened, and then it went from 27k to 26k levels as well. However, each fall brings us closer to a bull run as well, we all know that it will have a bull run so all we need to do is wait, the more it falls, the closer we get. Of course we can pass this period without going down as well, it can just stay the way it is, but that doesn't mean that we will never have any drops. So long story short, we are going to end up with a result where it will definitely have a problem if it doesn't fall and just accept that this is going to get better in the future.

This is just one of the hurdles in bitcoin market that I think can easily be surpassed.
Even if we say Musk's SpaceX company sold multi-million dollars worth of bitcoins, the plunge actually is not bad.
Because if this move was really huge, we can easily go down to 20k and below, so this won't last too long.
It can easily goes up as whales will try to get a hold of these cheaper bitcoins in the market.
So if have strong indication that anytime we will go up even to 30k level, you already have your profit when we go back to that price.

Market could really be only having that two possible paths or movement which is going up and going down. This is why we cant really just be making ourselves that being too impulsive on the time that

we do see such declines which we know that news and fundamentals could easily happen in a snap which would make out that immediate or significant effect on the market whether it would be positive or negative. One of the things that you should really be getting prepared on the time that you do deal up with this market is to make yourself that wary about the potential events or things that could happen
and this is where we do really make use of those Plan B or C's in regarding in our position.

Some might be that liquidated and some might be on negaitve. It wont really be considered to be a complete loss if you wont really be selling out or closing that position.
So always expect the unexpected since this market is always been like this or really that a default thing.

[jeraldskie11]

The price of BTCBitcoin has undergone a breakdown of the pole-and-flag pattern, resulting in a decline below the significant immediate support level of $29,000, ultimately reaching a 25-day low below the $28,000 threshold. Despite this, it's noteworthy that BTC is currently trading below the 100-day Simple Moving Average (SMA), while the 200-day SMA remains positioned to potentially offer support in the near future.

The question that arises now is whether Bitcoin will experience a rebound or persist in its ongoing trend. The unfolding market dynamics will provide further insights into the trajectory of this cryptocurrency.

Tradingview post: https://www.tradingview.com/x/EIZjUOU4/

I'm not a fan of moving averages because it's a little bit laggy, but still many traders use this indicator in trades to identify the trend. It can also be used as dynamic SNR as well. However, the current price of Bitcoin is around $26k which is for me is just a retracement. The market is creating higher highs and higher lows that indicates the trend is bullish. Base on the EOF, the price potentially hit $35k to $37k if the liquidity is enough to explode the price higher.

[Huppercase]

The price of BTCBitcoin has undergone a breakdown of the pole-and-flag pattern, resulting in a decline below the significant immediate support level of $29,000, ultimately reaching a 25-day low below the $28,000 threshold. Despite this, it's noteworthy that BTC is currently trading below the 100-day Simple Moving Average (SMA), while the 200-day SMA remains positioned to potentially offer support in the near future.

The question that arises now is whether Bitcoin will experience a rebound or persist in its ongoing trend. The unfolding market dynamics will provide further insights into the trajectory of this cryptocurrency.

Tradingview post: https://www.tradingview.com/x/EIZjUOU4/

At some point, looking at the foundamental level of bitcoin, I don't give any attention to chart because they take ones attention, instead I prefered to see the continues adoption of bitcoin. Whether a bear flag or bull flagg just have it in the mind that bull run is around the corner and that is less than a year old and when it comes, technical analysis will be dropped off, people will not look at that anymore, they will only be concerned about the price target bitcoin will hit which is I prefered to hold than all this set up, holding bitcoin is better than trading it looking at the long term wise.

The rebound will happened but not so fast, trading is all about liquidity hunting, the last crash liquidated about $1T USD of long traders, the bulls will do the same thing back and ride the market to the top to revenge for the money they have lost to the bears, it will surely rebound. Beside, it's circulating around that Space X has not sold there btc, if they publish their balance sheet to the public, the market will pump.

[darewaller]

Well from the looks of things its not having a good day neither, a fall after a fall is always a bad indicator, it can fall once and that's not really a shocking deal, but from 29k to 27k already happened, and then it went from 27k to 26k levels as well. However, each fall brings us closer to a bull run as well, we all know that it will have a bull run so all we need to do is wait, the more it falls, the closer we get. Of course we can pass this period without going down as well, it can just stay the way it is, but that doesn't mean that we will never have any drops. So long story short, we are going to end up with a result where it will definitely have a problem if it doesn't fall and just accept that this is going to get better in the future.

This is just one of the hurdles in bitcoin market that I think can easily be surpassed.
Even if we say Musk's SpaceX company sold multi-million dollars worth of bitcoins, the plunge actually is not bad.
Because if this move was really huge, we can easily go down to 20k and below, so this won't last too long.
It can easily goes up as whales will try to get a hold of these cheaper bitcoins in the market.
So if have strong indication that anytime we will go up even to 30k level, you already have your profit when we go back to that price.

If you think it is a hurdle then maybe it is but if you will only keep thinking positively then you will think events like this are a good thing. I don't want to explain why because it's already obvious. There must be a reason on why Space'X sold their Bitcoins. It could be that they will use the money to improve their Twitter/X platform because we have seen so many changes about it recently.

The move done by Space'X was big but it seems not easy for the BTC price to go below $20k. That only shows how strong Bitcoin is, because it tries to resist the effect. We can always buy now if we want to earn quickly when the price recovers to $30k.