Where is the Bitcoin (BTC) Delta price level in the current market cycle?

Amid frequent fluctuations in the Bitcoin price, the current market cycle has yet to reach the delta area. Over the past few weeks, the Bitcoin price has crossed the $20,000 range several times. The $20,000 level is an important factor from the psychological point of view. In this context, it remains to be seen whether the BTC price will see a new low in this cycle marked by the bear market environment.

Bitcoin (BTC) Delta Price Level

A closer look at the Bitcoin price pattern in recent times shows that there is a chance for further price declines. According to Crypto Quant data, BTC is currently forming a descending triangle pattern. This pattern is usually followed by price breakdown and loss of existing support level. In addition, the BTC price is correlated with the US stock market. If there is any further fall in stock prices, BTC is likely to follow suit.

“Bitcoin forms a descending triangle pattern. This pattern is usually associated with a breakdown and reinforces the possibility that the current support level will be lost in the near future.”

Next support price

On chain data shows that the current market cycle has yet to see Bitcoin realize its delta price range. Following the current price pattern, BTC is likely to see a delta price range of $17,000. Also, $17,000 could act as the next support level for the top cryptocurrency. This is around 15% lower than the current Bitcoin price range. At the time of writing, the BTC price is at $19,445, down 3.17% in the last 24 hours, according to price tracking platform CoinMarketCap. Last month, BTC fell sharply from a monthly high of $22,520.

The targeted delta price is not too far out of Bitcoin’s reach. Recently, the BTC price saw a three-month low of $18,390. On the flip side, the top cryptocurrency saw a peak of $24,900 in mid-August.

Anvesh reports on major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him at [email protected]

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.