Will Bitcoin Price Drop to $48000 as Per Analysts đ
Bitcoin has struggled to surpass the $70,000 mark after reaching a recent all-time high of $73,000. Despite past obstacles like the Mt. Gox repayments and the German governmentâs Bitcoin sale, BTC has not yet reached $100,000.
Bearish Indicators
Bitcoin is currently trading at $58,129, with daily and weekly charts showing bearish signals, including a "death cross" on the daily chart and an evening star pattern on the weekly chart. These suggest a potential downward trend, with key support at $51,000 and resistance at $59,800.
Historical Trends
Historically, August and September have been bearish for Bitcoin, with August 2024 already seeing a 10% decline. September is often the worst month, although October typically brings bullish momentum.
Market Sentiment
The Fear and Greed Index, which measures market sentiment, has dropped to 27, indicating growing fear among traders and a reluctance to buy at current prices.
Panic Selling Potential
Data shows 75% of Bitcoin investors are in profit and may sell if the market turns bearish, potentially pushing the price down to around $48,000.
U.S. Government Bitcoin Movement
Recent activity in the U.S. government's seized Bitcoin suggests they may sell more, which could further drive down the price.
Conclusion
Given the bearish chart patterns, market sentiment, and potential large-scale selling, Bitcoin may drop to around $48,000 before possibly stabilizing. Retail investors are advised to consider strategies like Dollar Cost Averaging (DCA) during this period.
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