Despite a one percent uptick, the Bitcoin price is still in serious danger of suffering a major correction. The BTC price is sitting precariously at $10,122 with major technical indicators, such as the weekly RSI, pointing to another breakdown.
Bitcoin bull Brian Kelly recently voiced a bearish prediction, claiming that the BTC price got ahead of its fundamentals.
In the short-term, I am a little bit cautious,” Kelly told CNBC’s Squawk Box.
#Bitcoin is back above $10k, but @BKBrianKelly is feeling a little bearish. Here's why. pic.twitter.com/J5uf9ahq1x
— CNBC's Fast Money (@CNBCFastMoney) August 22, 2019
With that being said, altcoins are in a slightly better situation with Ethereum (ETH), Ripple’s XRP, and Bitcoin Cash (BCH) registering minor green updates.
However, if Bitcoin stumbles, these cryptocurrencies will inevitably fall as well.
