With the opening of US markets, the king crypto money The unit fell rapidly and altcoins were painted red. The decline increased its intensity as it continued. Thus, the daily bottom was determined at $ 53,346. Moreover, worse, at the time of writing, the price is at $ 53,570. So how much longer can the decline continue.
How Many Dollars Will Bitcoin Fall To?
Last month, we saw prices of $ 49,000 and then BTC tested $ 65,000. After failing the resistance test, this time BTC attempted to test the bottom. Now it is losing support levels one by one. $ 55,000 was also lost and the door was opened to prices of $ 53,000. 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!
Cryptocurrency analyst Jelle now says that the BTC price will start to recover by bottoming out in the channel it is in by October.
“Bitcoin $55,763.36 is heading towards a new test of the channel lows.
If the sharp movement in September is repeated in the 4th quarter, we will probably see a monthly low around this level and start a full-throttle rise in mid-October.
“The darkest hours are always before the dawn.”
If the monthly bottom, which corresponds to $52,000, holds, we can say that BTC is already finished. It will only have to drop by another thousand dollars.
BTC Bottom Target
The second-ranked analyst is TraderXO and is worried about the third test of the yearly mid-range. Investor appetite is weak, stocks are falling as the Fed is about to start cutting rates, and deeper lows are very possible. Although it could be devastating for altcoin investors BTC It could experience a further drop to prices around $40,000.
“3rd retest of the important annual mid-level…
And so far there has been little response…
Weekly:
– 12/21 week emas are closer to crossing… seems inevitable.
– Weekly RSI is trading below 50.
Trade based on what the chart is telling you… not what you expect or your macro assumptions.”
Data on the macroeconomic front are normal cryptocurrencies Although supportive for the charts are not shaped by just a few things. The increase in global liquidity with the Fed’s interest rate cuts will create the necessary appetite for the rise. Weakness may continue until then.
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.
