Bitcoin Chart

Today is Monday, August 29th 2022, and Bitcoin’s current price is $20,201. Bitcoin touched around $19,500 last night and is trying to hold this $20,000 range again if it does we could see a pushback up to $25k. What I am showing above on the chart is from the beginning top of the market at around $68,000 to where we are now in the price. Showing from the top until now has only brought us down a total of 74.61% which compared to past bitcoin cycles we have gone up to correct as much as 90%, which means if there is still a possibility we could go a little bit lower than $17k to continue the past trends. The longer cycles every time continue to become a part of the pattern as well. In the next coming weeks continuing to watch the FED rate hikes alongside traditional markets will help to determine if we will keep going sideways or touch down a little lower. Also, Biden’s crypto initiatives and policies are all going to be announced next week bringing some clarity to the cryptocurrency and blockchain industry.