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If this pattern holds, Bitcoin might fall to $26,000

According to a recent Bloomberg story, the price of Bitcoin might plummet to as low as $26,000 if a “bearish flag” technical pattern plays out.

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On Monday, the largest cryptocurrency had a difficult start to the week, falling below $40,000 for the first time since mid-May.

According to Coinglass, $439 million worth of cryptocurrencies were liquidated in the last 24 hours, with long holdings accounting for 88.03 percent of the total wipeout. Bitcoin futures traders parted with $160.19 million.

The Federal Reserve’s hawkish reversal has rekindled the dollar boom while also putting pressure on risk assets like Bitcoin. The US dollar index (DYX), which gauges the strength of the greenback against a basket of foreign currencies, recently surpassed 100 for the first time in two years. The benchmark Dow Jones Industrial Average index fell 1.89 percent on Monday, putting the US stock market in the red.

Bitcoin may now be on course to test a key support level of roughly $37,500, according to the research. Failure to find some sort of footing here might be terrible for bulls.

Bitcoin is currently trading at $40,121, failing to recover following a spate of significant losses.

It’s down 41.81 percent from its all-time high.

According to Jeffrey Halley of Oanda, the largest cryptocurrency is trading inside the defined range. Of course, which has a bottom limit of $36,500. If Bitcoin falls below that level, it will almost certainly lose a lot of money. According to Halley, if Bitcoin rises above the upper barrier of $47,500, a new record high could be within reach.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.