Annii, host of the Crypto Banter YouTube channel, projects that the price of Bitcoin will likely fall to $21,700. The Crypto Banter host analyzed Bitcoin’s recent behavior, noting that it has failed to get back to the support created during the last bull market.
In a recently uploaded video, Annii revealed a developing bearish trend on the BTC/USD weekly chart. She showed that Bitcoin’s price is beginning to return below crucial exponential moving averages (EMAs). Annii used the 10, 20, 50, 200, and 800 EMAs for her analysis.
According to Annii’s EMA analysis, Bitcoin’s price is in a bearish zone, as it is currently below all the plotted EMAs on the weekly chart despite its relatively bullish trend from the start of 2023. Annii revealed a unique behavior that further strengthens the Bitcoin bearish sentiment. She observed that for the past six weeks, Bitcoin has repeatedly tested the convergence zone of multiple EMAs, with the price failing to close above them every single time.
With an established bearish sentiment, Annii identified a bullish candle on the weekly chart that has not yet fully recovered. The bullish candle appeared during the Bitcoin rally in the middle of March this year. The current retracement has recovered nearly 50% of that bullish run. Hence, for a further price drop, Annii sets a bearish target around the base of that candle at $21,700. However, a move above the converging EMAs would nullify the bearish hypothesis and might open the way for higher Bitcoin prices.
Bitcoin traded for $26,247 at the time of writing, according to data from TradingView. The flagship crypto’s price has been in a sideways movement since the end of March, trading between $24,800 and $31,804.
