Could $Bitcoin (BTC.CC)$ Crash to $22,000 In September? To a...
Could $Bitcoin(BTC.CC$ Crash to $22,000 In September?
To answer this question, we need to first focus on August
What was the worst BTC August drawdown in history?
-17% in 2014 and -18% in 2015
Currently in 2023, $BTC is now down -16%
If BTC were to drop -18% this August, BTC would drop to ~$24700
But that might not be the end of the retrace
Why?
Two reasons:
1) BTC is forming a Double Top
And 2) BTC tends to experience single-digit drawdown in September
So if BTC retraces, say, an additional -10% in September...
That would mean price would drop to ~$22200
Then that would approximately match the Measured Move target for the Double Top breakdown of ~$22000
To answer this question, we need to first focus on August
What was the worst BTC August drawdown in history?
-17% in 2014 and -18% in 2015
Currently in 2023, $BTC is now down -16%
If BTC were to drop -18% this August, BTC would drop to ~$24700
But that might not be the end of the retrace
Why?
Two reasons:
1) BTC is forming a Double Top
And 2) BTC tends to experience single-digit drawdown in September
So if BTC retraces, say, an additional -10% in September...
That would mean price would drop to ~$22200
Then that would approximately match the Measured Move target for the Double Top breakdown of ~$22000
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