Another Bitcoin drop awaits? Here’s what analysts are saying

ambcrypto.com:

Bitcoin’s performance has been sluggish of late, thanks to the recent market decline. Last week’s performance of Bitcoin didn’t seem promising as the chart was mostly red.

At the time of writing, Bitcoin registered a negative 6.92% 7-day growth. And, it was trading below the $2,000 mark at $19,849.07.

The dark days for Bitcoin do not seem to end any time soon as certain reports and metrics indicate a further plunge. However, many believe there will be a trend reversal soon. 

While the market declined, experts made several speculations about the future possibilities based on their assessments.

For instance, Maartunn, an analyst and writer at CryptoQuant, in his analysis, pointed out a recent large transaction that might have an impact on the market.

As suggested by previous episodes, such transactions are generally followed by a price decline.

Source: CryptoQuant

Maartunn mentioned, “From this point, it’s hard to say what impact it will have on the market. It is definitely not a bullish sign, but I’m not sure if we will see further downside or just consolidation similar to May.”

However, some Twitter users’ findings suggest otherwise. Technical analyst Gert van Lagen said a bullish head and shoulder pattern was formed on BTC’s chart, which indicates a price surge in the coming days. 

— Gert van Lagen (@GertvanLagen) August 28, 2022

As usual, the crypto community’s reaction to this finding was also heterogeneous, as some users did not find it reasonable to accept. 

Nevertheless, certain on-chain metrics also support the findings of Lagen. BTC’s addresses with non-zero balances showed a