Bitcoin has potential to reach $28,000, but journey might not be all smooth for bulls
In this scenario, Ali postulates that a sustained close above $26,800 might pave the way for Bitcoin to reach $28,000. However, a price decline below $25,300 would nullify this bullish scenario.Bitcoin bulls face uphill task, a historically bearish month for Bitcoin. Aside from that, Bitcoin is on track to create a bearish death cross signal on its daily chart for the first time since January 2022.
Cryptocurrency trading activity fell to its lowest level of the year in August, which might be another indicator of waning investor interest.reported that the aggregate monthly volume of spot and derivatives trading decreased 11.5% to $2.09 trillion, the second-lowest monthly total since October 2020.
The lackluster interest appears to be continuing into September, with Bitcoin remaining relatively unchanged for much of the first week of the month. All this said, Bitcoin bulls might face an uphill task in forging ahead, but the potential for an upside move remains.
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