Bitcoin hit a high of $66,450 today before pulling back to its current price of $65,800, leaving traders with one pressing question: how far will it drop?
With the 2024 Bitcoin capitulation event nearing, the market is bracing for impact. The question isn't whether $BTC will fallâbut how steep the decline will be.
Missed Prediction, But the Trend Remains Bearish
I previously called for a sharp correction between September 17-21, which didnât materialize. While the crash has been delayed, my overall outlook remains bearish. Now, as we move toward the end of September, between the 27th and 29th, a significant correction is still anticipated. Though the timing was off, the month isnât over, and the bearish signals are intensifying.
Why the Bearish Sentiment Persists
Despite #Bitcoin briefly rallying to $66,450 today, the bullish momentum appears to be losing steam. The market is showing signs of exhaustion, and bearish indicators remain strong, suggesting a likely downturn.
Key Levels to Watch
With $BTC currently sitting at $65,800, there are two critical levels to consider:
1. The 2023 Accumulation Range: This support zone lies between $26,000 and $32,000. A drop to this level would signify a deeper correction but could also offer a strong entry point for long-term holders.
2. The January 2024 Baseline ($40,000): This target is more immediate, and a drop below $40,000 seems increasingly probable. Breaching this level could signal the start of a broader market capitulation.
What Happens Next?
Although $BTC has been trading around $66,000, a pullback below $40,000 is still in play, and it could happen fast. Whether it will drop further into the 2023 accumulation range remains to be seen.
Whatâs your opinion on #Bitcoinâs next move? Share your thoughts in the comments below!
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