Bitcoin is Forming Irregular Price Patterns! BTC Might Reach US$10k Soon: Experts

Bitcoin is fluctuating its price from hitting US$24k to dropping to US$20k within a few weeks

After having a steady downfall for a considerable period of time, the most popular cryptocurrency, Bitcoin (BTC) is showing some signs of recovery having gained around 36 per cent. No doubt, this brings some relief to the cryptocurrency's nagging bearish trends in the highly volatile crypto market. But before one has a smile on the face it is also important to note that the BTC price patterns are quite irregular. This leads to the observation by a number of experts that it is better to be cautious about any overt optimism for Bitcoin, especially about the possibility of having a sustained bullish trend as it is being followed by a bearish one as far as the Bitcoin is concerned. US$10k is being identified as the possible BTC price post-correction.

If one follows the forecast of the Twitterati there is some sort of consensus that such 'rising wedge' is going to have a "pullback' any time soon. Take this comment as an instance: "For all practical purposes the target of the rising wedge in Bitcoin has already been met. That is not a reason per se to be bullish and it does not mean BTC cannot go lower yet." Incidentally, crypto market analysts describe 'rising wedge' as a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the BTC price moves upward with pivot highs and lows converging toward a single point known as the apex. When it is accompanied by declining volume, it can signal a trend reversal and a continuation of the bear market. Bitcoin has not yet come out of the rising wedge but if the observers are proved right there remains a strong possibility that it will lead to renewed selling as the popular cryptocurrency in the crypto market.

Peter Schiff, the prominent and powerful American stock broker, financial commentator, CEO and chief global strategist of Euro Pacific Capital Inc. and the Founder of SchiffGold, has recently drawn attention by his much-quoted tweet on BTC: "Get ready for the dump."

Even if Schiff is known as a habitual Bitcoin critic one has to take him seriously because he has been astonishingly correct in his earlier predictions about the top cryptocurrency, BTC included, and about the crypto market in general. He seems to be convinced that the mentions made on CNBC about BTC were paid by crypto market insiders and mega advertisers to entice viewers to buy cryptocurrency from the highly volatile crypto market.

For an even better understanding of the development one has to keep in mind the current trends in the crypto market as a whole and situate BTC in it. If one follows a report by Cointelegraph, the total crypto market capitalisation soon fell to US$1 trillion when the rising wedge formation was shattered on August 17, making the bulls' hope of recovering the US$1.2 trillion support, as it was on 10 June, much more improbable. This also gives added credence to the view that BTC, which is now hovering around US$ 20,200 is going to be as low as US$10,000. There are, however, some other predictions which point out that the decline may be around 20 percent for Bitcoin and more for other cryptocurrencies. At the time of writing, the current BTC price is US$20,255.51 with a market cap of US$387.61 billion for crypto investors.

So time for a cautious and thinking approach for those who have been elated with the revival sign of BTC. And it is for your own good.