The world’s leading crypto currency is now at a crossroads. Indeed, Bitcoin It faces a critical Q4 as it looks to continue its recent drop below the $50,000 mark or gain momentum above that level. It is likely that the former scenario will be played out, and the asset would continue its recent decline below $50,000.
This would make the asset price far less than the 73,000 dollar record it had reached in march of this year. BTC is showing some signs of promise, so there’s reason to think it can return to its previous levels. The cryptocurrency would need to be able to surpass the notable hurdles it’s been unable overcome in the past six months.
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BTC will fall below $50,000 or surge above $70,000: This is the Question
Bitcoin was in an unusual position for the past two months. The story of Bitcoin has taken two distinct paths. One path would see the crypto asset drop significantly, and the other, it surge to its annual high.
Bitcoin is down nearly 5% over the past thirty days. CoinMarketCap. It has recovered slightly. BTC’s value has risen by over 1.2% to $57.230 in just 24 hours. Its next Price movements can have massive consequences.
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Tokens struggled in August to combat increased sales pressure. The leading crypto asset fell below $50,000 in a flash crash of the market. But, bears have been unable sustain this. Glassnode data In recent weeks, accumulation was a great benefit.
This week, the number of addresses that had a balance zero reached up to 53 millions. This is an impressive increase over August’s figures which were near the 2024 lowest. It has not yet reached prices as high as those seen in July.
BTC’s exchange reserves have also been decreasing. This is usually a positive sign, especially for those with bullish views. It doesn’t give any further clarity on where Bitcoin might go in Q4 or whether $70,000 remains in play.
The risk is increased when you factor in the lower levels of whale activity. IntoTheBlock According to data, whales’ and BTC ETF’s demand have dropped significantly in the last 5 months. Therefore, it is not impossible for prices to drop as low as $50,000. The 2024 US elections could be a major factor in its price.
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Source: watcher.guru