After the Bitcoin price rose to $65,000, it fell noticeably and as of today, the decline in the last 3 days seems to have reached 10%. Despite all these declines, market analysts continue to make statements with an optimistic perspective. In this context, an analyst was seen to make a statement in the same direction and reassured his followers.
Analyst’s Comment on Bitcoin
One of the market’s closely followed analysts says that Bitcoin (BTC) is in the final days of its multi-month correction before its latest parabolic rally in its current cycle. The analyst, named Credible Crypto, stated in his statement on X that Bitcoin could fall to $50,000. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The analyst also shared a chart (above) in which he believes Bitcoin will trade at $50,000 before beginning a parabolic rally en route to new record highs in the coming weeks.
Mid to high time frame outlook for the coming weeks. Almost bullish fam.
Looking at the graph shared by the analyst, the view emerges that Bitcoin could rise towards the $ 100,000 level by the end of September. He also states that Bitcoin will start its movement towards a peak after exceeding $ 100,000.
However, the analyst notes that Bitcoin’s mostly sideways price action in recent months is an illusion and that BTC is likely to reach much higher prices in the coming months.
All you need to take from this is that all the ‘drops’ in the last five-six months were corrective (non-trend) moves or ‘re-accumulation’ before the next rise. Micro/short term moves in this range are insignificant on a grand scale (unless you are an active trader like me).
How Many Dollars is Bitcoin?
The bearish trend in Bitcoin prices that has strengthened in recent hours has caused the price to fall below $59,000. As of writing, the BTC price is trading at $58,873 after a 4.76% drop in the last 24 hours.
After this decline, BTC’s market volume was seen to drop to $1.164 trillion. In addition, it was reflected in the charts that investors who wanted to turn the decline into an opportunity made strong purchases at these levels, while the transaction volume increased by 46% and approached $46 billion.
It is thought that the news that Kamala Harris will tax unearned income in the event of a possible presidential election has a major impact on the BTC price drop.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
