Bitcoin (BTC) is in serious decline downward trend over the past few months, experiencing multiple price fluctuations among greater market volatilityA crypto analyst has predicted that Bitcoin could experience an even sharper drop to $50,000 if its price fails to hold this key support level.
Bitcoin Risks $50,000 Drop If Support Fails
Elya Boom, a cryptoanalyst, contacted X (formerly Twitter) on September 5 with a request discuss Current Bitcoin Price Trends and Market Movements Boom has shared a price chart that provides key insight into Bitcoin’s future prospects, indicating that the cryptocurrency’s short-term uptrend may be over.
The analyst expects the price of Bitcoin to remain in the range of $54,000 to $54,500. However, if the cryptocurrency fails to hold this critical level of supportits price could undergo a significant correction, potentially pushing it to new lows about $50,000.
Interestingly, the analyst noticed a recurring pattern in Bitcoin’s price action over the past few months. He noted 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 showing the same bearish dynamics in September.
Earlier this month, Bitcoin Price Falls Below $60,000after seeing a sharp price drop that saw its value drop by more than 4%. CoinMarketCap shows that Bitcoin has slightly gained 1.2% in the last 24 hours, however, bearish sentiment still remains among various market analysts.
Cryptography expert Ali Martinez disclosed recently, what Bitcoin may fall to $40,600 if the price fails to hold above the $51,000 support level. Martinez pointed out that the two-month Bitcoin chart shows the TD Sequential indicator, which gives a sell signal. This suggests that the cryptocurrency may be preparing for significant price correction.
In addition, the analyst has called traders should keep an eye on potential price breakout around $68,000. He said that until Bitcoin surpasses this key level, its price may continue to fall.
Could BTC’s $50,000 Drop Lead to Growth?
Due to the constant price adjustments of Bitcoin, many analysts believe that the cryptocurrency may decrease even more before seeing a price rebound. Michael van de Poppe, a popular crypto analyst, shared his bitcoin price forecast september.
Poppe disclosed that the bitcoin market is currently in a steep correction phase, characterized large-scale liquidations, which failed to trigger a rebound upwards. In light of this, the analyst believes that Bitcoin could fall to $53,000 or even $49,000.
Following this downward trend, Poppe believes a price reversal may be imminent. This bullish sentiment is shared by a crypto analyst dubbed the “Titan of Crypto,” who predicts that October could be the month when Bitcoin finally breaks out of its bearish cycle.
The analyst predicted that the price chart, which tracks Bitcoin’s previous bear cycles and bullish trends, Cryptocurrency May Rise to $100,000 soon, which will be a possible start to price growth.
