Bitcoin on August 3, 2022 – To your compasses!

Double meaning – Bitcoin (BTC) price is trading above $23,000, but markets remain divided on the direction of the next move.

This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

$19,000 Next Stop for Bitcoin Price?

Bitcoin price rises to $23,626 on Bitfinex today, August 3, 2022. Cryptocurrency trades at $23,381 at the time of writing this article. Its price is currently registering a daily gain of 1.77%.

As the recapture of the 200-week moving average and hold above it is blowing bullish hope among some traders, tweeter PROFIT BLUE shared a 9-hour chart of Bitcoin price, which shows that the cryptocurrency could fall towards $20,000 and below.

Bitcoin price: heading for a fall to $19,000?
Publication of PROFIT BLUE – Source: Twitter

Since mid-June last year, Bitcoin price seems to be forming a pattern similar to May to mid-June, with a double top at the time, which was followed by the crash bringing Bitcoin price back to levels near 20,000. $.

Bitcoin price recently formed the second top, which ran into a resistance zone around $23,000-$25,000. The cryptocurrency could thus have started a fall which would not find support only at $19,000. The chart further highlights the existence of a downtrend line.

BTC price: imminent exit from the bear zone

Instead, XOR Strategy founder Aurélien Ohayon shared a 2-day Bitcoin price chart, with a bullish outlook, while pointing out that “ a mighty bull run begins “.

The chart shows the existence of bearish, pre-bull, and bull zones that Bitcoin has been through since 2014. The price of the cryptocurrency entered the bearish zone, after hitting an all-time high near 69 $000.

BTC USD: entering the pre-bull zone
Publication by Aurélien Ohayon – Source: Twitter

It would currently be at the gates of the pre-bull area. The bull zone would start after mid-2023. In this pattern, Bitcoin would reach a new 6-digit ATH for the next cycle, after mid-2024.

The outcome of the battle between the bulls and the bears remains uncertain. Historical data shows two different possible patterns for the price of Bitcoin in the short term. Does the last word now belong to the macro environment, which could put this month of August in the red or in the green?

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