A critical juncture has been reached for Bitcoin ($BTC), prompting analysts to sound the alarm about a potential major crash. Despite rich investors buying $BTC, the cryptocurrency faces:
1. Seven-month downward trend
2. Geopolitical tensions, particularly in the Middle East
3. Strengthening U.S. dollar
Experts predict $BTC could plummet to $40,000 or lower if bearish momentum persists.
However, historical data and patterns hint at a possible recovery:
1. October tends to be a strong month for Bitcoin
2. Rally expected ahead of 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 above these levels may signal recovery.
Investors, stay alert and prepared for market volatility
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