A critical juncture has been reached for Bitcoin ($BTC), prompting analysts to sound the alarm about a potential major crash. The cryptocurrency has been in a downward trend for nearly seven months, exacerbated by:
1. Geopolitical tensions, particularly in the Middle East
2. A strengthening U.S. dollar
Some experts predict $BTC could plummet to $40,000 or lower if bearish momentum persists.
However, bullish signals also exist, hinting at a possible recovery:
1. Historical data: October tends to be a strong month for Bitcoin
2. Patterns suggesting a rally approaching Bitcoin's next halving in November 2024
Key support levels to monitor:
1. $56,130
2. 50-day Exponential Moving Average at $59,662
A break past these levels may signal a recovery.
Investors should be prepared for market volatility.
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