The Bitcoin price experienced a sharp drop below the $10,000 level on Aug. 28, and its recovery doesn’t seem to be on the horizon.
Trading veteran Jim Wyckoff, who has more than 30 years of working with traditional markets, believes bulls could feel more pain in the short-term.
Wyckoff points out that bears have managed to establish a price downtrend on the 1-day price chart. At this point, sideways trading remains the most plausible scenario when both camps don’t move the needle.
However, bulls fail to stand their ground and experience more losses until Apr. 31, this would result in a bearish monthly low close. Thus, Bitcoin’s chances to pull off a recovery in September would be severely undermined.
According to cryptocurrency trader Joe Rager, the BTC price will plunge below the $8,700 level if it prints a daily close below its previous low.
Conversely, if Bitcoin surges above $10,100, bulls will be back in charge.