Bitcoin Price Prediction Points Towards Steep Correction

Bitcoin price prediction is based on the largest inflow and outflow of tokens this year

Bitcoin price has been decreasing inside a descending wedge since reaching a high of $25,211 on Aug. 15. The downward movement has led to a low of $18,125 on Sept. 21. This was just slightly above the yearly low of $17,622, which was reached on June 18. The descending wedge is considered a bullish pattern, meaning that an eventual breakout from it is expected. The six-hour RSI is bearish since it has broken down from its ascending support line (green line) and has decreased below 50. Bitcoin price prediction is clearly based on the largest inflow and outflow of tokens to and from exchanges this year.

The cryptocurrency market displays mixed signals but hints that the bearish trend is not over yet. Adopting a get-in-get-out mentality may be the more favorable approach for investors looking to expose themselves to the market. Santiment's Exchange indicators show the largest inflow and outflow of tokens to and from exchanges. On September 14, 284,000 Bitcoin came into the market amidst the decline from $20,200. On the same day, 291,000 went out of the market. This could indicate whales are in the market, pushing the price lower.

Still, based on historical data, influxes of exchange movement usually lead to extremely volatile crypto environments. In the previous year, one more correction to the downside occurred after the indicator spike, followed by a massive bull run.

In summary, Bitcoin price prediction says that BTC coins may be near the bottom, but traders should expect challenging days to come if they want to stay in sync with the correct trend to define the rest of the year.