{"id":547410,"date":"2023-08-16T00:00:53","date_gmt":"2023-08-16T00:00:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=547410"},"modified":"2024-06-11T07:19:41","modified_gmt":"2024-06-11T07:19:41","slug":"this-dreaded-candlestick-formation-just-printed-bitcoin-to-18k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/this-dreaded-candlestick-formation-just-printed-bitcoin-to-18k\/","title":{"rendered":"This Dreaded Candlestick Formation Just Printed: Bitcoin To $18k?"},"content":{"rendered":"

Bitcoin, the most valuable crypto asset, is at a critical juncture at spot rates if candlestick formation in the weekly chart is anything to go by. One analyst on X, formerly Twitter and NewsBTC Editorial Director Tony Spilotro, is <\/span>sounding the alarm<\/span><\/a>\u00a0after picking out the bearish head-and-shoulder pattern in the weekly chart.\u00a0<\/span><\/p>\n

Will Bitcoin Crack?<\/span><\/h2>\n

Although the pattern is technically in the last phase of formation, if realized, it could have dire implications for Bitcoin bulls as it may push prices below a multi-month critical support line toward $18,000 or lower in the weeks ahead. Even so, the volatile nature of crypto and BTC prices means traders should adopt a wait-and-see approach until it prints out.<\/span><\/p>\n

\"Bitcoin
Bitcoin head-and-shoulder formation in weekly chart| TradingView<\/figcaption><\/figure>\n
Related Reading: The Subtle Signs A Bullish Bitcoin Trend Is Brewing<\/a><\/div>\n

As of August 15, Bitcoin is stable and within a broader uptrend from a top-down perspective. Notably, the coin is confined within the trading range established between June and July 2023, as visible in the daily chart. <\/span><\/p>\n

Despite the general optimism of a price recovery above July 2023 highs, BTC was moving sideways and held above the $28,000 support level but below the $31,800 printed in the last days of H1 2023. Any breakout above $32,000 with expanding volumes might induce demand, forming an anchor for price gains toward $35,000 or better.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price on August 15| Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

While the inability of sellers to drive prices lower is bullish, at least from where buyers sit, the potential formation of the head and shoulder pattern in the weekly chart casts a shadow of doubt over bullish prospects. Subsequently, traders remain cautiously optimistic since the candlestick arrangement, particularly in the weekly timeframe, suggests a vulnerability that could affect market sentiment and hopes for sustained growth.<\/span><\/p>\n

Rate Hikes And Halving: Which Will Be A Stronger Influence?<\/span><\/h2>\n

Several fundamental factors further complicate the outlook for Bitcoin’s price in the coming days. Inflation is relatively high in the United States (versus the benchmark rate of 2%), which may prompt the Federal Reserve to resume interest rate hikes in the third and fourth quarters of the year.\u00a0<\/span><\/p>\n

Despite relatively stable labor conditions and somewhat subdued inflation, the Fed’s\u00a0<\/span>recent<\/span><\/a>\u00a0rate hikes, now at the 5.25%-5.50% range, underscore the central bank’s commitment to curbing inflation and maintaining economic stability.<\/span><\/p>\n

Related Reading: This Event Causes Bitcoin Traders\u2019 Sentiment To Rise, Will BTC Surpass $30,000?<\/a><\/div>\n

The potential impact of the Federal Reserve’s tightening policy on crypto is reminiscent of the events in 2022 when Bitcoin cracked, falling from 2021 peaks to below $16,000 in late 2022. While Bitcoin’s potential to serve as a store of value, akin to gold, during times of crisis can be a possibility in 2023 and the future, analysts still view it as a “risky” asset.<\/span><\/p>\n

From a bullish lens, Bitcoin will halve its miner rewards from 6.25 BTC in 2024. This reduction may cause a supply shock, making BTC scarcer, and may support prices in the second half of next year.\u00a0<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin, the most valuable crypto asset, is at a critical juncture at spot rates if candlestick formation in the weekly chart is anything to go by. One analyst on X, formerly Twitter and NewsBTC Editorial Director Tony Spilotro, is sounding the alarm\u00a0after picking out the bearish head-and-shoulder pattern in the weekly chart.\u00a0 Will Bitcoin Crack? Although the pattern is technically in the last phase of formation, if realized, it could have dire implications for Bitcoin bulls as it may push prices below a multi-month critical support line toward $18,000 or lower in the weeks ahead. Even so, the volatile nature of crypto and BTC prices means traders should adopt a wait-and-see approach until it prints out. Related Reading: The Subtle Signs A Bullish Bitcoin Trend Is Brewing As of August 15, Bitcoin is stable and within a broader uptrend from a top-down perspective. Notably, the coin is confined within the trading range established between June and July 2023, as visible in the daily chart. Despite the general optimism of a price recovery above July 2023 highs, BTC was moving sideways and held above the $28,000 support level but below the $31,800 printed in the last days of H1 2023. Any breakout above $32,000 with expanding volumes might induce demand, forming an anchor for price gains toward $35,000 or better. While the inability of sellers to drive prices lower is bullish, at least from where buyers sit, the potential formation of the head and shoulder pattern in the weekly chart casts a shadow of doubt over bullish prospects. Subsequently, traders remain cautiously optimistic since the candlestick arrangement, particularly in the weekly timeframe, suggests a vulnerability that could affect market sentiment and hopes for sustained growth. Rate Hikes And Halving: Which Will Be A Stronger Influence? Several fundamental factors further complicate the outlook for Bitcoin’s price in the coming days. Inflation is relatively high in the United States (versus the benchmark rate of 2%), which may prompt the Federal Reserve to resume interest rate hikes in the third and fourth quarters of the year.\u00a0 Despite relatively stable labor conditions and somewhat subdued inflation, the Fed’s\u00a0recent\u00a0rate hikes, now at the 5.25%-5.50% range, underscore the central bank’s commitment to curbing inflation and maintaining economic stability. Related Reading: This Event Causes Bitcoin Traders\u2019 Sentiment To Rise, Will BTC Surpass $30,000? The potential impact of the Federal Reserve’s tightening policy on crypto is reminiscent of the events in 2022 when Bitcoin cracked, falling from 2021 peaks to below $16,000 in late 2022. While Bitcoin’s potential to serve as a store of value, akin to gold, during times of crisis can be a possibility in 2023 and the future, analysts still view it as a “risky” asset. From a bullish lens, Bitcoin will halve its miner rewards from 6.25 BTC in 2024. This reduction may cause a supply shock, making BTC scarcer, and may support prices in the second half of next year.\u00a0 Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":547411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,14618,8080,89126,2438],"class_list":["post-547410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bulls","tag-halving","tag-head-and-shoulder-formation","tag-inflation"],"acf":[],"yoast_head":"\nThis Dreaded Candlestick Formation Just Printed: Bitcoin To $18k?<\/title>\n<meta name=\"description\" content=\"Bitcoin may fall to as low as $18,000 if the head-and-shoulders pattern finalizes in the weekly chart. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/ktsl888.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Dreaded Candlestick Formation Just Printed: Bitcoin To $18k?","url":"http:\/\/ktsl888.com\/news\/this-dreaded-candlestick-formation-just-printed-bitcoin-to-18k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/this-dreaded-candlestick-formation-just-printed-bitcoin-to-18k\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Head-and-Shoulder-Formation.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Head-and-Shoulder-Formation.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bulls","halving","head-and-shoulder formation","inflation"],"dateCreated":"2023-08-16T00:00:53Z","datePublished":"2023-08-16T00:00:53Z","dateModified":"2024-06-11T07:19:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Dreaded Candlestick Formation Just Printed: Bitcoin To $18k?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/this-dreaded-candlestick-formation-just-printed-bitcoin-to-18k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/this-dreaded-candlestick-formation-just-printed-bitcoin-to-18k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Head-and-Shoulder-Formation.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Head-and-Shoulder-Formation.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bulls\",\"halving\",\"head-and-shoulder formation\",\"inflation\"],\"dateCreated\":\"2023-08-16T00:00:53Z\",\"datePublished\":\"2023-08-16T00:00:53Z\",\"dateModified\":\"2024-06-11T07:19:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Head-and-Shoulder-Formation.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/547410"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=547410"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/547410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/547411"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=547410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=547410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=547410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}