One cryptocurrency specialist claims that a last Bitcoin drop will occur before the next “giga pump”


CoinsKid, a cryptocurrency expert, predicted on August 7 that Bitcoin (BTC) will drop to the weekly 20 EMA price zone of roughly $28,000 before taking off to a pump, based on connections between Bitcoin and macroeconomic variables.

Some of his fans are sceptical of this outlandish forecast, citing a “bearish sentiment” in the market. If you look at CoinMarketCap’s Fear & Greed (F&G) Index, you’ll see that sentiment is neutral, neither bearish nor bullish. The index now sits at 50, smack in the centre of the F&G chart, reflecting the recent lateralization in BTC’s price.

CoinsKid is confident in his own analysis despite the fact that his followers have spoken negatively and this index has a neutral outlook.

This brief article suggests that Bitcoin will fall down to its 20-week exponential moving average (EMA), which is somewhere around $28,000. He then anticipates a surge to the $40,000 area and beyond after the retracement.

CoinsKid publishes a further in-depth examination of Bitcoin’s correlation with the dollar index (DXY) on August 7th. He explains that he has a strong belief that the dollar is going to go down, in a trend continuation, and that Bitcoin would rise as a result.

The video also demonstrates the breakeven and take profit levels at which the expert anticipates realising a profit from this study.

According to Coinskid, the enormous Bullrun that drove Bitcoin’s price to $69,000 in 2021 can be traced back to technical analysis (TA) patterns that existed in 2020, before Bitcoin saw its last dump.

At the time of writing, the price of Bitcoin (BTC) was $28,940, indicating a daily loss of 0.31% after recovering from a larger retracement a few hours earlier.

If Bitcoin and the larger crypto and macroeconomic environment continue to be well received, then the digital asset may be able to reach the mentioned expert estimates.

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