Today, October 3, 2024, Bitcoin experienced a sharp decline, with prices falling to around $61,070, with a decrease of 3.93% in the last 24 hours. Technical analysis indicates that Bitcoin has fallen by 4.22% over the week, reflecting significant pressure on the market.

Reasons for the strong decline

1. Geopolitical events: Escalating tensions in the Middle East, especially the conflict between Iran and Israel, have greatly affected the market. Concern over these developments leads to volatility in financial markets, negatively affecting digital currencies such as Bitcoin.

2. Weak traditional financial markets: The general trend in US stock markets has been negative, leading investors to turn away from riskier assets such as Bitcoin.

3. Potential interest rate cuts: Although some believe that interest rate cuts could help boost the market, uncertainty about the extent to which this will affect prices is pushing some investors back.

Future Forecast

Looking at market analysis, some are predicting that Bitcoin could see a rebound after these fluctuations. The forecast suggests that the price could rise in the coming weeks if the effects of the Fed’s rate cuts continue, which could encourage more investments in digital assets. Some also predict that Bitcoin could see stability around $62,000 or higher by mid-October if the overall economic situation improves.