Bitcoin has Hit Bottom Already: PlanB
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PlanB explained that based on the path world economies have taken, the general expectation is that of unfavorable macroeconomic conditions, such as inflation and recessions.
The analyst further explained that this was bad news and that it has resulted in market watchers expecting the financial markets to crash to lows seen during the 2008 global financial crisis where assists worth trillions of dollars fell to near zero levels and the 2020 pandemic period where global economies came to a standstill.
However, PlanB noted that there was a bright side to all this noting that “this expectation is already priced in.” According to a chart he posted, the worst expectations from analysts appear to converge with the current realities in the financial system, including crypto. The analyst added: “That’s why rates are high, and stocks/Bitcoin low.”
That said, PlanB’s analysis suggests that the bottom is already in for BTC or, at the very least, is close to the bottom, adding that investors should anticipate some bullish turnaround in the market soon.
Key Bitcoin Levels to Watch — August 28
Bitcoin suffered another defeating blow on Friday, culminating in a breach of the $20K support. However, this breach has not yielded much for bears as the benchmark cryptocurrency remains dogged in defending the $20K level.
Many traders believe we could see a return to the $17.5K 2022 low following the recent fall; they are banking on a bearish continuation in the coming days. However, it remains to be seen if bears can pressure the price into falling below the $20K level before a rebound occurs.
Meanwhile, my resistance levels are at $21,000, $21,700, and $22,700, and my key support levels are at $20,000, $19,000, and $18,000.
Total Market Capitalization: $968.5 billion
Bitcoin Market Capitalization: $383.2 billion
Bitcoin Dominance: 39.5%
Market Rank: #1
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