Where is the Bitcoin Price Bottom? 3 educated guesses

Bitcoin's market value on crypto exchanges fell to its lowest level since the early August massacre, dropping below $50,000 for the first time since Bitcoin got the green light in the US and started seeing real demand.

BTC rebounded from an earlier such crash and rose to $65,000 weeks later. However, the bears seem to be back in control now, with the asset down 7% over the past seven days.

So what will it take for Bitcoin's price to rebound and when will it happen? Here are three BTC price predictions for current market conditions.

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1. $57,000 – BTC miner's electricity price for price tag

X.com crypto analyst Astronomer Zero made this prediction on Thursday ahead of the US jobs report, which saw the price of bitcoin drop another $4,000. If zero is correct, that's a bump in the road that needs to be washed away soon.

$BTC

The weekly hash ribbon, another 100% accurate bottom signal, has flashed.

Considering this is a good time to buy, I've included one more powerful data analysis to round out the data analysis (16 data points in the entire story… pic.twitter.com/6zwhZONPrM

— Astronomer (@astronomer_zero) September 6, 2024

The analyst sees a pattern in mining and recovery that suggests the market bottom is nearing for bitcoin.

“The mechanics of Hash Ribbon are very simple: every time a cross is reached, a buy symbol flashes,” wrote Zero. “This comes as a result of the increase in hash rate after a high drop, meaning the hash rate of the network is breached, as a direct consequence of the miners' capital.”

2. $53,480 – Fibonacci Retracement

This represents a 25% decline from the nearly $74,000 BTC price recorded in March. This is a common Fibonacci retracement percentage.

If BTC follows this mathematically normal pattern where there are many participants in nature and liquid financial markets, we may move below and into another rally.

3. $50,000 – Recessionary Macro Bear Market

According to BitMEX co-founder Arthur Hayes' latest worst-case prediction, the bear market in stocks will extend, or there will be a US recession, and Bitcoin will fall as low as $50,000. Still, even he stepped back from his short strategy on Sunday, closing positions and hinting at a possible rally.

The well-known commodity and foreign exchange trader Peter Brandt warns that not only the price is low, but how long to wait until the market starts to recover, “There may be long-term corrections in price and duration.” It causes more emotional damage than making deep corrections.

The last time Bitcoin closed lower than its current price was in 2018. It was February 25, 2024. $BTC #Bitcoin There are two sides to crashes – price and duration Prolonged corrections can cause more emotional damage than extreme corrections pic.twitter.com/IVwEx2PHic

— Peter Brandt (@PeterLBrandt) September 6, 2024