Can Bitcoin avoid further BTC price downside? $23,000 has major significance, new analysis says.
Bitcoin may offer investors a rare chance to buy at a support zone with a “100% long hit rate,” new analysis says.piece on Aug. 29, crypto asset manager Capriole Investments told investors to watch for a BTC price dip to $24,000.Bitcoin continues to track sideways around $26,000, but there is no shortage of market participants predicting further BTC price downside., but for Capriole, long-term trend lines with an impressive history are of greater interest.” .
EP has acted as strong support on long timeframes throughout Bitcoin’s history, with the dip to two-year lows in November 2022 being no exception. In late December last year, EP hit lows slightly above $14,000.“Together these price points give very strong confluence from a fundamental and technical perspective to the opportunity that $23-24K presents, should we get there,” it wrote about the technical weekly level and EP, respectively.
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