Bitcoin price nosedives 10% from $29k to below $25k due to bearish divergence formation and for completion of the Double Top pattern. Bitcoin market dominance has dropped below 50% and BTC price is trading below the key 200-weekly moving average. Meanwhile, crypto fear and greed index slipped from 50 (neutral) to 37 (fear) in just a day. Would Bitcoin price crash to $20,000?
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CrediBULL Crypto took to X on August 18 to reveal a significant detail missed by others during the crypto market selloff. He believes Bitcoin (BTC) will outperform Ethereum (ETH) and most altcoins in the coming months for a new all-time high.
He highlighted that BTC held its local low while ETH broke its support in the recent selloff event is “very significant.” Before the rally to an all-time high, a similar market correction occurred but nothing changed with regards to HTF bullish market structure.
“For those who have been following me for some time, you may remember something similar occurring when BTC was at 10k, back in 2020, right before our rally to 60k+. At that time I was also expecting a mega rally, led by BTC, to new all time highs (20k+) and I recorded a video pointing this very same observation out at that time.”
CrediBULL Crypto doesn’t expect Bitcoin price to fall below $25,000. Other analysts such as Rekt Capital and Crypto Birb also agree with a bullish outlook for Bitcoin despite current negative sentiment.
Meanwhile, ETH price has rebounded to $1,683 after falling to a 24-hour low of $1,551. Reports of possible approval of Ethereum futures ETFs by the US SEC faded traders’ negative sentiment on ETH. Altcoins such as Conflux, XRP, Litecoin, ApeCoin, Bitcoin Cash, and Sei fell more than 10% in the past 24 hours.
Traders now await a decision in the Grayscale vs SEC lawsuit for a spot Bitcoin ETF approval and give clear direction amid uncertainty.
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