This article is also available in Spanish.
Despite initial expectations of a steady rise in prices and a strong upward trend this year, bitcoin (btc) has suffered severe declines, pushing its price below the $60,000 threshold. Due to the cryptocurrency's prolonged bearish performance, one cryptocurrency analyst has warned that bitcoin could fall even further, predicting a bitcoin/” rel=”nofollow”>Possible drop below $40,000However, the analyst also offers a silver lining to his bearish outlook, anticipating a major rebound after the drop.
bitcoin could be heading for a $40,000 drop
A cryptocurrency analyst known as 'Magog PhD' took to x (formerly twitter) on September 1 to… x.com/hodlmagoo/status/1830301660482359524?s=46″ rel=”nofollow”>share A unique encounter he had with an alleged bitcoin billionaire. The analyst recounted an unusual experience from his summer job as a waiter at a New York restaurant, where a bitcoin billionaire slipped a piece of paper across the table in the form of a tip.
Related reading
Examining the document revealed a chart that predicted The future trajectory of the bitcoin priceThe chart illustrates that the bitcoin price was expected to fall below $32,000, which would mark a massive drop to new lows. Over the past few months, the bitcoin price has experienced strong volatility and widespread liquidations which has caused a serious drop in prices.
At one point, the cryptocurrency fell by more than 20%, falling below $50,000 before recovering to nearly $60,000. Demand for bitcoin Spot Exchange Traded Funds (ETFs) They have also experienced a sharp decline, which has likely played a role in bitcoin's recent growth. downward trend.
Although the bitcoin price chart projects that the cryptocurrency will fall below $32,000, it also illustrated that bitcoin potentially witness a major breakup above $76,000 after the drop. Other cryptocurrency market analysts have shared a similar bullish sentiment.
According to bitcoin technical analyst and trader, 'Titan of crypto', bitcoin is currently forming a unique technical pattern called the “cup and handle pattern.” Often recognized as a bullish continuation signal, the Cup and handle It is a technical chart pattern that highlights a period of consolidation after an uptrend, followed by a slight pullback and an eventual breakout to the upside.
Based on this technical pattern, the analyst x.com/washigorira/status/1830280229966717134?s=46″ rel=”nofollow”>believe that bitcoin is likely to skyrocket soon, reaching a potential price target of $110,000. He revealed that this bullish price move could occur in the last quarter of the yearhighlighting that the cryptocurrency's rally “is going to be epic.”
btc hits historic weekly golden cross
bitcoin may have reached a historic milestone, as noted by cryptocurrency analyst Jelle x.com/cryptojellenl/status/1830587784937238538?s=46″ rel=”nofollow”>identified the formation of a weekly Golden Cross in the bitcoin price chart for the first time in history.
Related reading
He golden cross occurs when a short-term moving average (MA) crosses above a long-term MA. This week, bitcoin's 100-week MA surpassed the 200-week MA, highlighting a strong bullish signal that could potentially x.com/washigorira/status/1830546388142133500?s=46″ rel=”nofollow”>trigger a massive bull run for the cryptocurrency.
Featured image created with Dall.E, chart from Tradingview.com
