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Bitcoin (BTC) has been experiencing a severe downward trend over the past few months, characterized by multiple price fluctuations amidst broader market volatility. A prominent crypto analyst has projected that Bitcoin could face an even steeper drop to $50,000 if it fails to maintain a critical support level.
Bitcoin Risks $50,000 Drop If Support Fails
Crypto analyst Elja Boom took to X (formerly Twitter) on September 5 to share insights on Bitcoin’s current price trends and market movements. Boom provided a detailed price chart, offering key perspectives on Bitcoin’s future outlook. According to Boom, the cryptocurrency’s short-term uptrend has likely concluded.
The analyst expects Bitcoin’s price to remain within the range of $54,000 to $54,500. However, if Bitcoin fails to hold this crucial support level, its price could undergo a significant correction, potentially pushing it down to new lows around $50,000.
Interestingly, Boom observed a recurring pattern in Bitcoin’s price action over the last few months. He noted that Bitcoin has consistently declined during the first five days of each month. The cryptocurrency experienced significant drops in the first week of July and August, and a similar bearish performance is being witnessed in September.
Earlier this month, Bitcoin’s price fell below $60,000, experiencing strong declines that reduced its value by over 4%. According to CoinMarketCap, Bitcoin has seen a slight increase of 1.2% in the last 24 hours. However, bearish sentiment remains prevalent among various market analysts.
Crypto expert Ali Martinez recently disclosed that Bitcoin could drop as low as $40,600 if it fails to maintain a price above the $51,000 support level. Martinez emphasized that Bitcoin’s 2-month chart is showing a TD Sequential indicator that is presenting a sell signal, suggesting a major price correction may be on the horizon.
Additionally, Martinez has urged traders to monitor a potential price breakout around $68,000. He indicated that until Bitcoin surpasses this key level, its price may continue to dip.
Could A Bull Run Follow BTC’s Descent Towards $50,000?
Given Bitcoin’s persistent price corrections, many analysts believe that the cryptocurrency may decline further before experiencing a price rebound. Michael van de Poppe, a well-known crypto analyst, has shared his price forecast for Bitcoin this September.
Poppe revealed that the Bitcoin market is currently in a steep correction phase, characterized by widespread liquidations that have yet to trigger an upward bounce. In light of this, the analyst believes that a drop to $53,000 or even as low as $49,000 could occur for Bitcoin.
Following this downtrend, Poppe suggests that a price reversal may be imminent. This bullish sentiment is echoed by another crypto analyst, known as ‘Titan of Crypto,’ who predicts that October might be the month Bitcoin finally breaks out of its bearish cycle.
Sharing a price chart that tracks Bitcoin’s previous bear cycles and bull runs, ‘Titan of Crypto’ predicts that the cryptocurrency could break out to $100,000 soon, marking the potential start of a significant bull run.
As Bitcoin continues to navigate through market volatility, traders and investors are advised to stay informed about key support and resistance levels. Monitoring these critical points can provide valuable insights into Bitcoin’s future price movements and potential investment opportunities.
