Meanwhile, Ethereum is struggling to hold prices near $1,600 and XRP, after giving up all gains from the July court victory, was testing support below $0.50 on Monday morning.
Bitcoin is moving closer to its next halving – one of the key bullish catalysts for an anticipated bull market. But the outlook over the past several weeks remains largely negative after the dive from near $30k.
Commenting on the performance, pro-crypto lawyer John E. Deaton wondered if the market had indeed bottomed or not. If not, is BTC primed for a massive flip – 30-40% dive that could see Bitcoin revisit $15k before a possible upside to $50k? FTX-related pressure could be a factor not just for altcoins such as Solana, but for the wider market.
Did we bottom? Will the FTX selling, during the next couple weeks, cause September to drive down another 30-40%, before actually bottoming?
The overall feeling has analysts pointing to technical picture on the daily BTC chart for what could materialize in the coming days.
According to crypto trader and analyst Ali Martinez, the Bitcoin daily chart is sporting a possible Death Cross. The analyst sees a likely dip to below $25,200 leading to a deeper correction for the benchmark cryptocurrency.
While the technical picture could flip amid any would-be positive catalyst, analysts see its validation as likely to see negative price action cascade across the altcoin market.
XRP’s technical picture on the daily chart features a descending triangle pattern that has extended over several weeks. With sellers having an upper hand near $0.47, its likely XRP price will retest the $0.44 support zone. Further rot portends a decline to $0.35.
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