After the Federal Reserve annual assembly, BTC costs and different cryptocurrencies began a downhill development on August 26. As of August 29, the market is exhibiting no signal of restoration. Instead, the overall crypto market cap has misplaced its $1 trillion mark. The present crypto market cap stage stands at $950 billion, after shedding a whopping $50 billion in 24 hours.

BTC’s worth misplaced its stand above $20k to settle at $19,510 on August 28. It progressively climbed to $19,853.93 on August 29 earlier than falling to $19 817.

Related Reading: Bitcoin Cash Loses 10% In Last 24 Hours, Despite 40% Hike In Trading Volume

As issues stand, the cryptocurrencys’ worth motion will not be exhibiting any assist from traders. Although BTC’s dominance elevated in 24 hours, the market has moved to the “Extreme Fear” state. 

Will BTC Recover?

A prime analyst has squashed optimism that the BTC worth will get better within the quick time period. The strategist lately shared some insights on Bitcoin’s historic worth actions, indicating that September isn’t a very good month for the crypto. 

The analyst identified by the pseudonym Rager disclosed this info to his 206,100 followers on Twitter. Rager identified that even equities are struggling at the moment, and BTC dipping exhibits a tricky month forward. 

Rager shared a chart in his posts exhibiting that Bitcoin normally loses as much as 6% on its worth each September. Now BTC is down by 1.06% and buying and selling at $19,813.28. This dip seemingly signifies a seamless downtrend into September 2022. 

The analysts consider that BTC worth might be bearish within the quick time period however would possibly commerce between $18K and $48K within the subsequent one 12 months. This implies that Bitcoin costs would possibly transfer sideways from now till an uptrend happens in April 2024. He additionally indicated that Bitcoin’s backside is already in until the inventory breakdown continues.

BTCUSD
Bitcoin’s worth climbs $20,000 mark. | Source: BTCUSD chart from TradingView.com

Will Upgrade Push Ethereum 

Investors have been optimistic that the improve would push ETH costs up. But the present market state of affairs is stunning them. The second-largest crypto is dipping alongside others. 

The present ETH worth on August 29 is $1448.10. The crypto exhibits a worth lack of 2.5% in 24 hours. While others present disappointment, Rager believes that the Ethereum Merge is already “Priced In.” 

According to the analyst, the occasion occurred when ETH skyrocketed by 2x 100% in a single month. 

Extreme Fear within the Crypto Market. 

Currently, the Extreme Fear state available in the market can also be exhibiting clearly within the state of altcoins. Quantify Crypto knowledge exhibits that altcoins are falling too.

Related Reading: TA: Bitcoin Price Dives Below $20K, Why BTC Is Vulnerable To More Losses

On August 28, Ethereum misplaced 2.3% in 24 hours, whereas XRP went down by 3.7%. Others, similar to AVAX, misplaced 10% of their worth in 24 hours, whereas BNB misplaced 1%. A number of cryptos exhibiting optimistic worth motion embody Litecoin gaining 2% and PancakeSwap exhibiting 0.18% progress. 

Featured picture from Pixabay and chart from TradingView.com





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