Bitcoin's 'Bear Flag' Breakout Targets $15,000 as US Dollar Hits 20-Year High
BTC loses safe haven status to dollar as mutual funds boost cash holdings by $208 billion in first semester 2022.< /p>
Market analysis
On September 6, the price of Bitcoin (BTC) fell below $20,000 and the asset looks poised to take another dip in September due to a strong US dollar and a trading pattern. worrying technical analysis.
Bitcoin targets $15,000 nextFrom a technical standpoint, bitcoin is likely to drop to $15,000 or lower in the coming weeks after breaking from its current "bearish flag" pattern.
For the uninitiated, bearish flags form when price consolidates higher in a parallel ascending range after a strong downtrend. They usually resolve after price breaks below the lower trendline and falls as much as the length of the previous downtrend.
Daily BTC/USD price chart with ' bull flag pattern. Source: TradingViewBitcoin has entered the so-called breakout phase of its bearish flag pattern, with its downside target lurking south of $15,000, as depicted in the graph above.
cash is kingThe outlook for a weaker Bitcoin around 2022 is increasing primarily due to a deteriorating economic backdrop.
The 60% drop in bitcoin prices since the start of the year is one of the unfortunate consequences of the Federal Reserve's hawkish policy of bringing inflation down to 2% from its current level of 8.5%. In detail, the US central bank has
BTC loses safe haven status to dollar as mutual funds boost cash holdings by $208 billion in first semester 2022.< /p>
Market analysis
On September 6, the price of Bitcoin (BTC) fell below $20,000 and the asset looks poised to take another dip in September due to a strong US dollar and a trading pattern. worrying technical analysis.
Bitcoin targets $15,000 nextFrom a technical standpoint, bitcoin is likely to drop to $15,000 or lower in the coming weeks after breaking from its current "bearish flag" pattern.
For the uninitiated, bearish flags form when price consolidates higher in a parallel ascending range after a strong downtrend. They usually resolve after price breaks below the lower trendline and falls as much as the length of the previous downtrend.
Daily BTC/USD price chart with ' bull flag pattern. Source: TradingViewBitcoin has entered the so-called breakout phase of its bearish flag pattern, with its downside target lurking south of $15,000, as depicted in the graph above.
cash is kingThe outlook for a weaker Bitcoin around 2022 is increasing primarily due to a deteriorating economic backdrop.
The 60% drop in bitcoin prices since the start of the year is one of the unfortunate consequences of the Federal Reserve's hawkish policy of bringing inflation down to 2% from its current level of 8.5%. In detail, the US central bank has
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