Bitcoin hits $58k again as analysts share bearish predictions
Bitcoin fell to $57,700 on Coinbase as prices fell during the US trading session.
Analysts are predicting further weakness, and here's what they're saying.
At the time of writing, Bitcoin (BTC) was trading around $58,486 on major crypto exchanges. However, the digital asset's price touched a low of $57,700 on US-based crypto exchange Coinbase amid renewed selling pressure.
Notably, before this latest dump, crypto analyst Miles Docher shared his opinion: The last few weeks' price gains have been moderated during Asian hours and US trading hours.
“Asia bids, US drops,” the analyst said. Comment.
Like clockwork.. pic.twitter.com/w9LPTlj8VD
— Miles Deutscher (@milesdeutscher) August 30, 2024
Can it drop to $56k?
Julio Moreno, head of research at CryptoQuant, suggests that the $56k area is key. If the price falls below that, the analyst sees further weakness. According to Moreno, the Bitcoin market cycle indicator bear is flashing again and BTC is at risk of a deep correction below the demand zone.
“From a valuation point of view, if the price injects $56k to the downside, there will be a big correction risk,” said a CryptoQuant analyst.
#Bitcoin market cycle indicator is again at BEAR level (light blue area).
From a valuation point of view, if the price pushes to the lower side of $56k, the risk of a major correction will increase. pic.twitter.com/dsOS9ZSoHZ
— Julio Moreno (@jjcmoreno) August 30, 2024
Could Bitcoin See $40 Next?
Altcoin Sherpa is a full bearer on the value of BTC. The crypto analyst shared a chart suggesting that the dip could extend to $40k.
The last time Bitcoin traded at these levels was in January, when the price retreated from over $46k to $39k. That's before bulls saw the BTC skyrocket in the midst of a halving and Bitcoin exchange-traded funds hit an all-time high of over $73K.
BTC price is down 12% in the last month and more than -21% in March as of 1:30pm on August 30, 2024.
Let's see $BTC at 40k
Here's the chart I meant to post but I read it wrong pic.twitter.com/GHBTqPwXb5
— Altcoin Sherpa (@AltcoinSherpa) August 30, 2024
What about the price of BTC in September?
Market conditions and events can change investor sentiment at any time.
However, crypto analyst Ali Martinez points out that September is historically difficult for Bitcoin. This outlook could provide a tailwind for risk assets – including cryptocurrencies – despite the general forecast that the Federal Reserve will cut interest rates.
If you thought August was tough for #Bitcoin, remember that September often brings negative results. pic.twitter.com/vrdQdLcUac
— Ali (@ali_charts) August 30, 2024
