BTC is down over 5% at $29.535 sticking to the same tight range seen for over a month. There also appear to be few factors encouraging any price gains in the short term.
Rather, technical indicators show that BTC could slump to below $24,000 in the next few weeks. The token is expected to see increased selling pressure ahead of key US inflation data due this week
Other factors, such as increased regulatory scrutiny of crypto, could also spell more losses for BTC.
BTC to capitulate below $24k . According to popular crypto analysts BTC is trading in a bear flag structure, with the pattern set to play out in more losses.
The analyst expects the token to capitulate below $24,000-which could represent a buying opportunity. They also noted that BTC’s recent price action is playing out very similar to that seen in 2018 where the token had traded in a tight range for several months before sharply tumbling by over 50%, to as low as $3,000.
BTC is also likely behaving similarly to 2018 given that the year was the last time the Federal Reserve raised rates, before 2022.As such, with more interest rate hikes on the horizon, BTC could see more capitulation.
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