Bitcoin, which had a good start to 2023, recently experienced a major correction and fell to $ 25,000.
While investors continue to be uneasy about the BTC price, price predictions are coming from analysts.
According to Coindesk, Katie Stockton, founder and managing partner of Fairlead Strategies, said that the technical signal in Bitcoin will upset the bulls.
At this point, Katie Stockton stated that Bitcoin's monthly stochastic indicator signals a “decline in overbought” and said that the stochastic indicator has recently started to fall below 80.
Pointing out that the decline in overbought activity indicates that an upward momentum is weakening, the analyst warned that bulls expecting a rise in Bitcoin may be disappointed.
“At the end of August, Bitcoin confirmed an overbought decline in monthly stochastic indicators.”
The analyst also stated that Bitcoin could not break the cloud resistance of $ 31,900 and that a long new bottom search process has begun in BTC. “A decline has begun in Bitcoin from the region called the overbought level. Considering that BTC cannot break the resistance of $ 31,900, especially according to the weekly cloud model “When received, it seems that the process of establishing a foundation in Bitcoin may be prolonged.” said.
Finally, touching on the MACD indicator, Stockton said that the monthly MACD indicator moves in a line close to tight.
Stockton stated that the MACD indicator hit bottom a year ago and has not yet turned positive, “which indicates that a sustainable upward trend is not yet in effect.”
*This is not investment advice.
