Bitcoin Price Drops 2%: Why Analysts Think a Major Rally is Coming

The post Bitcoin Price Drops 2%: Why Analysts Think a Major Rally is Coming appeared first on Coinpedia Fintech News

Bitcoin, the leading cryptocurrency by market cap, is currently trading at $57,477 after a 2% drop in the last 24 hours. This price decline is linked to $277.12 million in weekly outflows from Bitcoin ETFs, indicating a bearish trend in the market.

Despite this, some legendary crypto analysts are bullish on the Bitcoin price, suggesting that BTC is waiting to explode. Let’s find out why. 

Bitcoin To Hit $68K In September

According to a prominent crypto trader Captain Faibik, Bitcoin is currently moving within a bullish flag pattern. This pattern is typically seen as a continuation signal, suggesting that the cryptocurrency may soon resume its upward trend. 

$BTC is still Moving within a Bullish flag Pattern.

It may test the 54k Support Area again, and it's crucial for the Bulls to defend this level.

If Bitcoin bounces back from the 54k Support, it could Rally up to 68k in September.#Crypto #Bitcoin #BTC pic.twitter.com/uDToFmPCUb

— Captain Faibik