In the midst of frequent fluctuations in Bitcoin price, the current market cycle is yet to reach its delta range. In the recent weeks, Bitcoin price has one multiple occasions crisscrossed the $20,000 range. The $20,000 level is an important factor in the psychological point of view. In this context, it remains to be seen if BTC price would see a new low in this cycle marred by bear market environment.
Bitcoin (BTC) Delta Price Level
A close look at the Bitcoin price pattern in recent times shows there is a chance of further price drop. According to Crypto Quant data, BTC is forming a descending triangle pattern currently. This pattern is generally followed by a price breakdown and loss of existing support level. In addition, the BTC price is correlated with the U.S. stock market. If there is any further drop in stock prices, there is high likelihood that BTC would follow suit.
“Bitcoin is forming a descending triangle pattern. This pattern is usually associated with a breakdown and reinforces the possibility that the current support level will be lost in the near future.”
Next Support Price
On chain data shows the current market cycle is yet to see Bitcoin realize its delta price range. Going by the current price pattern, BTC is likely to see a delta price range of $17,000. Also, the $17,000 could act as the next level of support for the top cryptocurrency. This is around 15% lower than the current Bitcoin price range. As of writing, BTC price stands at $19,445, down 3.17% in the last 24 hours, according to price tracking platform CoinMarketCap. Last month, BTC fell sharply from a monthly high of $22,520.
The targeted delta price is not too far from Bitcoin’s reach. Recently, BTC price saw a three month low of $18,390. On the flip side, the top cryptocurrency saw a peak of $24,900 in mid-August.
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