Bitcoin Price Forecast: If BTC falls to $ 17,000 then …

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Bitcoin prices continue to fall. Many investors are wondering how far the cryptocurrency could go before BTC bottoms. Many indicators also indicate that prices are falling due to short-term price developments.

3 cases for falling prices

Another monthly red candle is like a souvenir on the Bitcoin chart. This opens up talks about falling prices more and so puts some bears on the scene.

Some experts are now planning for the scenario where Bitcoin drops for its support at $ 17,000. If this happens, Bitcoin bulls can dress warmly. There are three possible scenarios in this regard:

  1. The price will surpass the 17K support and then after moving sideways in the 12K-17K range for a while, it will drop from the 12K level to lower support levels.
  2. The price will break under resistance and consolidate in the 12K and 17K price range until support / resistance levels change. New material levels could then be considered.
  3. The price will fall just as in the other two cases. However, after moving to the side in the range and testing the resistance level a few times, it will create an ascending triangle pattern formed at a higher low and a horizontal resistance at 17K. From this point we can expect a breakout to the upside with goals at 21-22K.

80% of investors go short

But how likely is it that the price will fall to the important $ 17,000 mark? It is clear that signs of selling are ahead of the market recently. According to the weekly Fund Flow Report from analytics firm CoinShares, a total of $ 64 million flowed into financial products on digital assets like Bitcoin last week. However, as the shareholder reports, almost 80 percent of this, at $ 51.4 million, was attributable to products with which investors speculate on falling Bitcoin prices.

The data suggests that while interest in digital assets remains strong, investor confidence in the future of Bitcoin is falling. Outside the US, there are at least some movements that suggest institutional interest in the currently favorable prices. However, the capital available for such long positions is limited to USD 20 million.

Indicators are also indicating that BTC prices are falling

The chart image proposing to sell Bitcoin may contain additional indications of future forecasts. Currently, the resistance level is $ 33,000. The resistance level is the solid line between the current price range and the high prices. This line is important because it takes us to the highest level ever (ATH). On the other hand, there is still plenty of room for price loss.

Fibonacci ratios are also an important tool for traders to identify potential support and resistance levels. And according to this moving Fibonacci ratio tool, BTC has reached unprecedented levels. This indicates that BTC is currently in a very deep bear market. This understanding is confirmed by other indicators. The fear index (VIX) is currently at its highest level since the last bear market. This suggests that there is a lot of fear and uncertainty among investors at the moment.

RSI is not yet providing oversold signals

The RSI (Relative Strength Index) does not show oversold signals on the weekly time frame, so there may also be a downside to this indicator. However, investors should keep in mind that the market is always volatile and care should be taken with such information. However, the current market trend seems to be heading south as prices receive both support and resistance from the middle and upper Bollinger bands. Hovering the Relative Strength Index is around 60, reflecting neutral market conditions. The $ 20,000 and $ 21,000 levels are the horizontal resistance levels.

Hence, the candlesticks indicate that the market is in a bearish phase, as evidenced by the fact that prices have been falling steadily for the past few days and weeks. So prices are expected to continue to fall in the near future.

BTC may fall more, but there are other signs

Some questions may be asked about the results of this Bitcoin analysis, since the BTC price has always found its way back and the $ 20,000 psychological mark seems to be undermining. However, it is important to remember that markets operate in cycles. We are currently in a phase of fear that also affects short sellers. Hence, the uncertainty causes the BTC price to swing up several times in the short term. However, as soon as the fear subsides and confidence recedes, BTC may fall again.

Buy DefiCoin

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