analyst. According to the analysis, there is a chance that BTC could fall a further 30% from its current state.
Why has this happened though? Ghoddusifar mentioned that the BTC Relative Strength Index was already broken. He added that there had been four bearish flag patterns since the downturn began, and if another one emerges, it could lead to another 30% price plunge. A look at the four-hour chart may have confirmed that the analyst’s projections could be valid. The latest momentum indicated that BTC was facing extremely high volatility as the Bollinger Bands expanded further as the price continued to plunge. Additionally, the RSI was at an incredibly oversold level with its value at 25.62 at press time. Despite the drawdown, the RSI wasn’t showing signs of a recovery to accommodate buyers.The Directional Movement Index also shared the same sentiment.
Despite glaring bearish signs, the BTC volume increased. Over the last 24 hours, it was at a 14.27% uptick at $38.37 billion.Comparing the status of the on-chain metrics and Ghodduisfar’s prediction, it could be a wise decision for BTC investors to take a rest on short-term profit expectations as a 30% decline may not seem impossible.Subscribe to get it daily in your inbox.
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