How low can the Bitcoin price go?

The price of Bitcoin () has fallen to one-month lows, and traders are increasingly betting on more downside to come.

BTC price performance has weakened in recent days, with BTC/USD hitting $28,850 on July 24, data from and confirms.

Despite a brief rebound, market participants remain unconvinced that the largest cryptocurrency has seen the worst of its losses.

Cointelegraph looks at current prognoses for crypto and risk assets during a major macroeconomic week.

For popular trader Crypto Ed, the prior dip to Bitcoin’s lowest since June 21 was entirely expected.

Now, he believes that a final break into buy liquidity should occur, taking BTC/USD to around $28,500. A relief bounce to $29,400 could come first.

“If we do get a move like this, then I’m looking for a setup for more downside and possibly $28,500 - 400, more or less,” he said in his latest YouTube .

Crypto Ed showed an additional target box covering prices as low as $27,800, but acknowledged that he was unconvinced that Bitcoin would make it there.

For fellow trader Crypto Chase, the downside could take Bitcoin toward $27,000 before last-minute long entries get suitably burned.

Speculators should end up bidding at major price points as BTC/USD moves down — at $29,200, $28,500 and $28,000, he predicted earlier in July.

In an on July 24, he maintained that this was the likely course of events.

“These are still mostly my thoughts. I can’t short now as strong R/R opportunities are behind us, decent entries were not offered based on my strategies,” he acknowledged to Twitter followers.

An accompanying chart showed relevant Fibonacci retracement levels for the daily chart.

Ahead of a series of crunch United States macro events, various traders are keeping out of Bitcoin until a more apparent trend emerges.

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Nonetheless, as important lines in the sand, among them the 200-week and 21-week at $27,130 and $28,200, respectively.

“Bitcoin is testing support in a key zone of historical significance,” Keith Alan, co-founder of monitoring resource Material Indicators, on July 24.

As Cointelegraph reported, some worst-case scenarios include far deeper drawdowns, with not entirely off the table.

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