Bitcoin price continues to fall: Risks intensify
In recent months, the weak price trend of Bitcoin ($BTC) has put cryptocurrency investors under pressure, especially amid the recent intensification of market volatility. Bitcoin has begun a significant decline, and many market analysts It is believed that if Bitcoin cannot stabilize the current support level, it may fall further below $50,000.
Well-known cryptocurrency analyst Elja Boom analyzed the possible short-term price trend of Bitcoin on X (formerly Twitter) just yesterday (September 5). He pointed out that Bitcoin is currently trading between US$60,000 and US$54,500. It is hovering within a range, with support located in the range of $54,500 to $54,000.
Image Source: X Elja Boom’s Bitcoin Price Prediction
Elja Boom emphasized that since the beginning of 2024, Bitcoin has tended to experience sharp declines in the first five days of each month. This repeated downward price fluctuation may be a signal that Bitcoin’s short-term upward trend has ended.
He warned that the decline in the first week of September has highly overlapped with the trends in July and early August. If Bitcoin loses the key support level in the range of US$54,500 to US$54,000, it may quickly drop below US$50,000.
After falling below $50,000: Bitcoin bounces back?
Also holding the same opinion is well-known cryptocurrency analyst Ali Martinez, who said that Bitcoin’s “TD Sequential Indicator” on the 2-month chart has shown a sell signal. If Bitcoin cannot stabilize above $51,000, the price will A further drop to $40,600 is possible.
However, not all analysts are pessimistic. Michael van de Poppe, a well-known analyst who has accurately predicted the bottom of the market, believes that although the price of Bitcoin may temporarily fall to $49,000, the drop may also imply that Bitcoin The final phase of the bear market is approaching.
Michael van de Poppe pointed out that if Bitcoin does fall to $49,000, the violent liquidation accompanying the decline will usually be followed by a strong price rebound.
He predicted that October may be the turning point for Bitcoin to get rid of the months-long bearish trend. After the price of Bitcoin dropped in September, there is a chance to reverse from October to the end of the year, break through 100,000 US dollars and enter a new bull market stage. .
The future trend of Bitcoin: Can it return to the upward channel?
Experts agree that the next few days will be a "critical moment" for Bitcoin. Judging from the news, whether it is the upcoming inflation data, employment data, or the upcoming announcement on September 19th, Taiwan time The Federal Reserve's (FED) interest rate decision (cutting interest rates or keeping interest rates unchanged) really affects the market direction.
From a technical perspective, whether Bitcoin can hold $54,000 may become an important indicator in determining the direction of the market.
In the short term, the market may still experience violent fluctuations. Investors should be cautious and pay close attention to key support levels. If Bitcoin can stabilize this level, the market may usher in a turnaround, otherwise it may face a larger correction.
