Amid frequent fluctuations in Bitcoin price, the current market cycle has yet to reach its delta range. In recent weeks, the price of Bitcoin has crossed the $20,000 range several times. The $20,000 level is an important factor from a psychological point of view. In this context, it remains to be seen if the price of BTC will experience a new low in this cycle clouded by the bear market environment.
Bitcoin (BTC) delta price level
A close look at Bitcoin’s price pattern of late shows that there is potential for a further price drop. According to data from Crypto Quant, BTC is currently forming a descending triangle pattern. This pattern is usually followed by a price collapse and the loss of the existing support level. Also, the price of BTC is correlated with the US stock market. If there is a further drop in stock prices, there is a high probability that BTC will do the same.
“Bitcoin is forming a descending triangle pattern. This pattern is usually associated with a breakout and reinforces the possibility that the current support level will be lost in the near future.”
Next support price
On-chain data shows that the current market cycle has yet to see Bitcoin realize its delta price range. Going by the current price pattern, BTC is likely to see a $17,000 delta price range. Additionally, $17,000 could act as the next level of support for the top cryptocurrency. This is around 15% lower than Bitcoin’s current price range. At time of writing, BTC price stands at $19,445, down 3.17% in the last 24 hours, according to the price monitoring platform CoinMarketCap. Last month, BTC fell sharply from a monthly high of $22,520.
The delta price target is not too far out of reach for Bitcoin. Recently, the price of BTC recorded a three-month low of $18,390. On the other hand, the leading cryptocurrency peaked at $24,900 in mid-August.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.