- Bitcoin price could fall to $47,000 before recovering.
- Leading analyst suggests waiting for Bitcoin to return to $64K before buying.
- Bitcoin is showing volatility amid mixed market sentiment and lower trading volumes.
The token is currently trading at $56,774.79, up a modest 0.24% over the past day. This comes amid mixed signs of activity in digital asset trading, with the overall market cap at $1.12 trillion, up 0.27%.
BTC’s 24-hour trading volume is $31.6 billion, down 3.22%. This volume represents 2.81% of Bitcoin’s total market cap. With a circulating supply of 19.75 million BTC, Bitcoin’s velocity is 94.05% of its total supply, which is also 19.75 million BTC. Bitcoin’s maximum supply is still capped at 21 million BTC, reflecting its deflationary nature.
Source: CoinMarketCap
The chart shows some of the changes in the Bitcoin price over the last day. The price peaked at around $57,000 before falling back slightly to its current level. Despite the drop, Bitcoin managed to stabilize near its current level of $56,770.
The coin continues to dominate trading with a 56.2% lead, although ETH follows closely with a 14.4% share of sales. The all-in-one trajectory looks cautious as traders keep a close eye on the field, reflecting a slight decline in trading volume.
Bitcoin Market Outlook: Analyst Predicts Short-Term Drop to $47K Before Potential Recovery
In a recent tweet, renowned crypto analyst Kaz The Shadow shared his forecast for Bitcoin price action in the coming weeks. His analysis suggests that Bitcoin could experience a short-term bounce that could spark bullish sentiment, but he warns that this could be a trap for investors.
The $BTC roadmap I’m looking for in the coming weeks.
A bounce here will have everyone calling for a bullish price target again at the 8976 bottom and then selling sharply to $47/44k where I expect a strong bounce back to the ATH.
Give me back $64k and we can talk about sadness again, but until then $47k is the way to go… pic.twitter.com/DWskcMhfXR
— Kaz The Shadow (@KazTheShadow) September 4, 2024
Kaz The Shadow’s chart analysis suggests that Bitcoin could temporarily rally before facing a major sell-off. He expects this sell-off to push the price down to the $47,000 to $44,000 range. This level, he says, could serve as a critical support zone where Bitcoin could make a strong rebound to its all-time highs (ATH).
The analyst emphasizes that the coin needs to reclaim the $64,000 level before he considers it safe to go long on the asset again. Until Bitcoin successfully breaks through this resistance, he sees $47,000 as a key level to watch, signaling a trade approach in the current selling environment.
Kaz The Shadow’s ideas are closely followed by the crypto social group, and his post has generated vital activity on social media. The tweet has so far received over 64.7k views, showing the impact of his analysis on trading sentiment.
