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Several reasons have emerged for the sudden drop in Bitcoin's price on October 11:
1. Concerns over U.S. Federal Reserve Policy Changes: There are fears that the Fed may stop cutting interest rates, creating uncertainty among investors. This has led to more selling than buying in the market.
2. Presence of Large Sellers: The U.S. government plans to sell $4.3 billion worth of Bitcoin, which may negatively impact prices due to increased supply.
3. Investor Sentiment: Recently, some major institutions have closed their long positions, increasing selling pressure.
The combined effect of these factors has led to a decline in Bitcoin's price.
In October 2024, Bitcoin is expected to potentially reach around $70,000, with forecasts suggesting a high of $83,314 if market sentiment remains positive. However, there is also a possibility of the price dropping to a low of $62,664 due to market volatility. The month could see fluctuations, but upward momentum might persist into November, where Bitcoin could even touch $92,000, depending on broader economic factors and investor confidence.
Don't Try to buy it now. Wait For my call. Let me conduct a market analysis first. I will update you afterward on when to BUY/LONG. Until then, stay tuned and keep following.