Bitcoin's potential to decrease in value by $100,000 after the completion of the significant bearish pattern reportedly known as "Epic Bear Puzzle"
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In a recent development, crypto trader Colin Talks Crypto has made a compelling Bitcoin price forecast, extending Bitcoin cycles by approximately four months and projecting a cycle top around December 2025. This forecast has been endorsed by the renowned speculator Peter Brandt, who has also warned of a 30% chance that the current bull market top has been reached.
Brandt further predicts a subsequent multi-year correction, with the Bitcoin price potentially dropping to $60,000–$70,000 by November 2026, before a massive upward surge to $500,000.
The direction of the predicted price swing for Bitcoin appears to be more towards the south than the north. This sentiment is echoed in the simple price action prediction for Bitcoin, which is predicted to be "down only".
The current combination of signals for Bitcoin is described as an "epic bearish combo". This includes the Relative Strength Index (RSI) on both daily and weekly frames showing a "bear" divergence signal for Bitcoin. Furthermore, the Bitcoin price has broken below the mid-Bollinger level on the daily chart, and the price chart shows a combination that is bearish, as the weekly candles top near $117,500 and slide into the mid-$114,000s.
A failed spike toward $124,000 BTC left a nasty wick on the chart, often indicating exhaustion. The Bitcoin price is currently pushing toward the lower Bollinger Band near $111,600, with the upper Bollinger Band capping the Bitcoin move. It's worth noting that the middle Bollinger band has been lost by Bitcoin.
The Bitcoin price prediction for August 19, authored by Denys Serhiichuk, suggests a potential drop closer to $110,000. Unless Bitcoin can get back above $118,000 quickly, the next test lower looks hard to avoid.
This bearish trend in Bitcoin prices is a reminder for investors to exercise caution and make informed decisions based on thorough research and analysis.
Note: This article is based on the provided bullet points and does not contain any additional context or information.
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