The post Bitcoin News Today : BTC Price Faces Its Worst Month, How Low Will it Go? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price is slated to have its worst-performing month year-to-date after dropping more than 12 percent in the past 24 hours to trade about $51k on Monday during the early New York session. With more than $1.1 billion liquidated from crypto-leveraged markets, despair and uncertainty have become prevalent among web3 investors.
Furthermore, Bitcoin’s fear and greed index has dropped to 26 percent, which signals heightened fear of further capitulation.
Silver Lining for Bitcoin and Crypto Industry
Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog
— Peter Brandt (@PeterLBrandt) August 5, 2024
According to veteran trader Peter Brandt, Bitcoin price action in the recent past is similar to the 2015-2017 halving bull cycle, which yielded one of the largest crypto bull markets to date.
From a technical standpoint, Bitcoin price will find a solid support level around $47,140, where nearly 900k wallets purchased almost half a million BTC units.
Meanwhile, August and September are the worst months for Bitcoin price performance, with average losses of 7.82 percent and -5.58 percent respectively. However, historical data shows October and November are the best months for Bitcoin with an average return of about 22 percent and 46 percent respectively.
#BTC 2020 vs $BTC 2024This is very reminiscent of the covid crash in March 2020 Descending Broadening Wedge pic.twitter.com/rXJmRVTBwp
— CryptoBullet (@CryptoBullet1) August 5, 2024
From a technical standpoint, the recent Bitcoin crash is very similar to the 2020 Black Thursday, which was attributed to Covid-19. Remarkably, Bitcoin price regained in a V-shaped rebound, which yielded the subsequent parabolic rally.
Market Picture
Amid the ongoing market uncertainty fueled by the Middle East crisis, Wharton’s Jeremy Siegel believes the U.S. Fed will initiate a 75 basis point emergency cut in the interest rate followed by another 75 basis points next month.
Mr 100 is buying the dip like a maniac today.Bought 1200 #Bitcoin worth $60 million pic.twitter.com/ss2TZMfpDX
— Vivek (@Vivek4real_) August 5, 2024
Consequently, on-chain data shows some whales have been taking advantage of the recent capitulation to stash more coins in preparation for an inevitable market rebound.
