Bitcoin price faces an uphill battle despite signs of a potential bottom.
) recovered modestly on Aug. 20 but remained on course to log its worst weekly performance in the last two months.On the daily chart, BTC's price climbed 2.58% to $21,372 per token but was still down by nearly 14.5% week-to-date, its worst weekly returns since mid August. Nonetheless, some on-chain indicators suggest that Bitcoin's correction phase could be coming to an end.
Rising wedges are bearish reversal patterns that form after the price rises inside a contracting, ascending channel but resolve after the price breaks out of it to the downside, which could result in a drop to as low as the maximum wedge's height.Applying the technical principles on the BTC chart above presents $17,600 as the rising wedge breakdown target. In other words, the Bitcoin price could fall by approximately 25% by September.
Nonetheless, the most recent Fed dot plot shows that most officials anticipate the rates to reach 3.75% by the end of 2023 before sliding back down to 3.4% in 2024. Therefore, the prospects of rate cuts remain speculative.that he would support a third consecutive 75 basis point raise at the central bank’s policy meeting in September. The statement falls in line with the Fed's commitment to bring inflation down to 2% from its current 8.5% level.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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