Bitcoin is predicted to fall to $ 23,000 within a few weeks

AltcoinSherpa, a well-known cryptocurrency trader, shared his forecast for the near future of bitcoin on social network X. According to him, the digital currency’s quotes could fall to $ 23,000 over the next few weeks.

AltcoinSherpa stated that it is likely that BTC quotes could rise in the short term. However, this may not happen. It also remained unclear when the rate increase would start.

According to the expert, there are certain areas of support on the chart and he expects the bulls to be able to hold on to them. There is also an alternative version of the development of events, when «the inefficient movement observed 2 weeks ago will not be filled quickly.»

If the BTC rate continues to fluctuate around the current area of around $ 26,000 and then suddenly drops slightly, the next support level will be $ 23,000. If this happens, the drop will be quite sharp, the analyst believes. Then, trading will stabilize and return to the range of around $ 24,000. At the same time, AltcoinSherpa noted that altcoins will suffer serious losses if such a scenario does unfold.

RektCapital trader has a similar view, expecting BTC to reach $ 22,000 in September. According to the expert’s assumptions, the value of bitcoin will drop by about 10% next month. The new values will correspond to «the target movement indicator for the breakdown of the double top at $ 22,000.»

At the time of writing, bitcoin is trading at $ 25,995, up 0.3% on the day. The market capitalization of BTC is $ 506 billion. Traders made daily trading deals worth $ 9.9 billion. Bitcoin’s market share is 46.4%.