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Bitcoin Price Prediction: Technical Analysis Suggests Potential Downward Movement

Jackson Hole Symosium: Bitcoin Crash Coming?
Jackson Hole Symosium: Bitcoin Crash Coming?

In a recent video, crypto analyst Nick discusses the recent price action of Bitcoin and offers insights into potential market movements. He analyzes various time frames and identifies patterns, predicting a potential downward movement based on his technical analysis.

Nick notes that Bitcoin’s recent moves have not been supported by large players, and that purchasing activity has been inactive for 365 days. He speculates that this could be due to a battle between smart money and retail investors, with smart money selling and retail investors buying.

Nick also points to the upcoming Bitcoin options expiry on August 26th as a potential factor that could affect the price of Bitcoin. He believes that if the price of Bitcoin falls below the 26,000 support level, it could trigger a wave of selling from option holders.

In addition, Nick notes that there has been unusual liquidation activity on OKX, particularly Huobi. This could be a sign that there is a lot of fear and uncertainty in the market, which could lead to further selling pressure on Bitcoin.

Overall, Nick believes that the technical analysis suggests a potential downward movement for Bitcoin in the near term. However, he cautions that it is important to always do your own research before making any investment decisions.

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