Bitcoin (BTC), has seen a steep decline. downward trend In the past months, there have been multiple price variations. broader market volatility. Bitcoin’s price may fall to $50,000 even if the key level of support is not maintained by a crypto analyst.
Bitcoins Risk $50,000 Drop if Support Fails
Elja boom, a crypto-analyst took to X (formerly Twitter), on 5 September. discuss Bitcoin’s current trends in price and the market are a good indicator of its future outlook. Boom published a Bitcoin price chart, which offers important insights on the future of Bitcoin. It indicates that Bitcoin’s recent uptrend may have ended.
Read Related Articles
Analysts expect Bitcoin to remain between $54,000 and 54,550. If the price of Bitcoin does not hold at this level, then it will be a major concern. crucial support levelIts price may experience a substantial correction and could be pushed upwards. down to new lows around $50,000.
In the past few months, the analyst noticed a pattern that was repeated. He noted that Bitcoin has declined Significantly during the first 5 days of every month. Cryptocurrency dropped during the first weeks of July and august and it is experiencing the same. bearish performance In September,
Early this month Bitcoin’s price fell below $60,000Following a sharp price drop of more than 4%. CoinMarketCap reports that Bitcoin increased by 1.2% within the last 24 hour, but bearishness still prevails among market analysts.
Crypto expert, Ali Martinez disclosed Recent that Bitcoin could drop If it does not maintain its price above $51,000, the value could fall as low as $46,600. Martinez said that Bitcoin’s two-month chart shows a TD Sequential that has a signal to sell. The cryptocurrency could be preparing for an upswing. major price correction.
Also, the analyst is able to provide a number of other insights. urged Keep a watchful eye on the market potential price breakout around $68,000. Bitcoin may drop in price until the key Bitcoin level is reached.
What if BTC drops below $50,000 and a Bull Run follows?
Analysts believe Bitcoin is in trouble due to the price fluctuation. may decline even further Price rebound is not a guarantee. Michael van de Poppe, a popular crypto analyst, has shared his price forecast for Bitcoin this September.
Read Related Articles
Poppe revealed The Bitcoin market has entered a period of steep correction, which is characterized by widespread liquidationS that failed to cause a rebound upwards. According to the analyst, Bitcoin may drop below $53,000 and even $49,000.
Poppe is confident that the price will reverse after this downward trend. This bullish sentiment is shared by a crypto analyst, identified as ‘Titan of Crypto,’ who predicts Bitcoin could finally end its bearish trend in October.
The analyst shared a chart that shows Bitcoin’s past bear cycles and bull run. the cryptocurrency could breakout to $100,000 Soon, the start of an upcoming bull run could be imminent.
Featured image was created using Dall.E chart, from Tradingview.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com