Bitcoin traded at $54,600 on Monday, and it has fallen nearly 15% over the past 14 days. The top cryptocurrency has lost most of its recent gains and is moving in line with US stock exchanges.
Dow Jones On Friday, the Dow fell over 400 points as the US job report failed to impress. Only 142,000 new non-farm payrolls have been created in the economic data that was published on Friday, a far cry from the 161,000 expected.
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A slowdown on the labour market could affect equities. Monday’s first bell may cause more damage. Bitcoin’s trade is also affected by the downturn, which has caused it to turn red. September may be a challenging month for Bitcoin and other cryptocurrency markets, as well as the US Dollar, stock exchange, or the stock market.
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Bitcoin could crash to $31,000, says Cryptocurrency analyst
Expert cryptocurrency analyst Ali Martinez Bitcoin’s price could crash down to just $31,000, according to a recent warning. He calculated the actual price change around the ratio of realized price to life (RPL), and predicted that BTC will crash even more if the resistance level at $50,000 is not met.
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“Warning. Historically, when Bitcoin falls below the Realized Price-to-Liveliness Ratio, now at $51,600, it often drops further to its Realized Price — currently at $31,500!” He predicted.
The RPL is a metric that measures the potential highs and lows of charts. In the context of this, he published his analysis to Glassnode.com, where he predicted a possible crash in value by $31,500. The cryptocurrency analyst believes that the outlook for Bitcoin is weak for the remainder the year.
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A slowdown on the job market has affected the forex, cryptocurrency, and stock markets. Bitcoin may be the first crypto to suffer if markets become bearish. next Few Months
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Source: watcher.guru