Bitcoin Price Prediction: BTC Drops 6%; Is the Worst Yet to Come?

In the turbulent world of cryptocurrency, Bitcoin has maintained its position as the most important digital asset despite facing a sharp drop recently.

As of today, the live price of Bitcoin is hovering around $25,772, a slight increase of about 0.25% over the past 24 hours. However, this small increase does not mask the 6% drop that the cryptocurrency has experienced over the past week.

Bitcoin's 24-hour trading volume reached $12.3 billion, maintaining its top position in CoinMarketCap's ranking.

The currency’s real-time market cap stands at an impressive $502 million, while its circulating supply is close to 19,478,418 BTC, approaching its final supply cap of 21,000,000 BTC tokens.

The worst is yet to come for Bitcoin, but following the brief plunge in Bitcoin’s fortunes, investors and market analysts can’t help but wonder: Is the worst yet to come for Bitcoin?

Bitcoin Price Prediction

Bitcoin price remains in a consolidation phase, sustaining above the $25,500 mark. While there is potential for a corrective up move, any significant up move is likely to face resistance near the $26,200 mark.

Previous attempts to break above the $26,000 resistance level were unsuccessful and Bitcoin lacks the momentum to break out of the $26,000 to $26,200 range.

Following these failed attempts, the cryptocurrency saw a bearish correction, falling below the $25,650 mark. Nevertheless, resilient bulls held on to the $25,350 support, allowing Bitcoin to reclaim the region above $25,500.

Currently, it is trading below the $26,000 mark and the 100 hourly simple moving average. Moreover, a significant bearish trend line has been identified with resistance near $25,950 on the hourly chart of BTC/USD.

Bitcoin price chart - Source: Tradingview

An immediate resistance is hovering near the $26,000 area, which is parallel to the trend line and closely coincides with the 23.6% Fibonacci retracement level of the sharp decline from the $28,150 peak to $25,333 low.

The first important resistance is located at the $26,200 mark. A clear break above this resistance could pave the way for a rise towards $26,750, which is near the 50% Fibonacci retracement level of the aforementioned major decline.

Apart from this, the $27,000 resistance level is looming, a break above which could provide the bulls with an opportunity for a sustained up move, potentially targeting the $28,000 benchmark.

However, if Bitcoin struggles to clear the $26,000 resistance, a downside move is likely. An immediate support is near $25,500, followed by $25,350.

A decisive break below the latter could intensify selling pressure, potentially pushing the price towards around $24,500 or even as low as $24,000.