This article is available in Spanish.
Bitcoin (BTC) has taken off heavily downward trend over the past few months, experiencing multiple price fluctuations broader market volatility. A crypto analyst has predicted that Bitcoin could see an even steeper drop to $50,000 if the price fails to hold this key support level.
Bitcoin risks a $50,000 drop if support fails
Elja Boom, a crypto analyst, joined X (formerly Twitter) on September 5. discuss Bitcoin’s current price trends and market movements. Boom shared a price chart that provides key insights into Bitcoin’s future prospects, indicating that the cryptocurrency’s short-term uptrend has likely ended.
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The analyst expects Bitcoin’s price to remain between $54,000 and $54,500. However, if the cryptocurrency does not hold this crucial level of supportthe price could witness a significant correction, potentially putting it under pressure to new lows about $50,000.
Interestingly, the analyst has observed a recurring pattern in Bitcoin’s price action in recent months. He noticed that Bitcoin has fallen significantly during the first five days of each month. The cryptocurrency fell in the first week of July and August and is witnessing the same bearish performance in September.
Earlier this month, The price of Bitcoin fell below $60,000after witnessing steep price drops that dropped its value by more than 4%. CoinMarketCap reveals that Bitcoin is up slightly by 1.2% over the past 24 hours, but bearish sentiment among several market analysts remains.
Crypto expert Ali Martinez revealed recently that Bitcoin could fall as low as $40,600 if it fails to maintain a price above the $51,000 support level. Martinez highlighted that Bitcoin’s two-month chart shows a TD Sequential indicator providing a sell signal. This suggests that the cryptocurrency may be gearing up for one major price correction.
Moreover, the analyst has urged traders to keep an eye on things potential price breakout approximately $68,000. He revealed that until Bitcoin surpasses this important level, its price may continue to decline.
Could a bull run follow BTC’s decline towards $50,000?
Due to Bitcoin’s continued price corrections, many analysts believe that the cryptocurrency could decrease even further before witnessing a price recovery. Michael van de Poppe, a popular crypto analyst, shared his price prediction for Bitcoin in September.
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Poppe revealed that the Bitcoin market is currently in a steep correction phase, characterized by large-scale liquidations that have failed to produce an upward jump. In light of this, the analyst believes that a drop to $53,000 or even as low as $49,000 could occur for Bitcoin.
Following this downtrend, Poppe believes a price reversal is imminent. This bullish sentiment is shared by a crypto analyst identified as ‘Titan of Crypto’ who predicts that October could be the month when Bitcoin finally breaks out of its bearish cycle.
The analyst predicts that by sharing a price chart that tracks Bitcoin’s past bear cycles and bull runs the cryptocurrency could break through to $100,000 soon, marking the possible start of a bull run.
Featured image created with Dall.E, chart from Tradingview.com