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A new analysis published by Rekt Capital predicts a decrease in bitcoin to $15.5 thousand. This is due to the interaction of cryptocurrency with its MA200 (200-week moving average).
On Twitter, a trader and analyst wrote about how bitcoin can behave against the dollar. The lifeline during the existence of cryptocurrency was the line of recent support, which is constantly growing, which has never been interrupted.
According to Cointelegraph Markets Pro, now this level fluctuates around $22 thousand. In the past, bitcoin “failed” below the MA200, but then rose even higher again. These “wicks” account for up to 28% of the spot price, which means that if such a collapse occurred now, bitcoin would cost $15.5 thousand.
“Bitcoin tends to make wicks from -14% to -28% below MA200. Now, MA200 represents a price point of ~ $22 thousand… bear wick -14% below MA200 will lead to ~ $19 thousand », – wrote Rekt Capital.
“And if bitcoin repeats the depth of the bear wick in March 2020 below MA200, it will fall to the price mark of ~ $15.5 thousand.”
Rekt Capital also studied the fall from record highs and “deadly crosses” of bitcoins in May, setting a target price of $22.7 thousand.
“Bitcoin is slowly approaching the MA200. It so happened that the MA200 provides fantastic opportunities with greater ROI for long-term investors.”
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