Analysts Paint Gloomy Short-Term Bitcoin Price Predictions

The Bitcoin market correction, which has been ongoing for the past six months, is currently around 23%, which is not too deep historically.

However, analysts are becoming increasingly bearish as this downtrend continues.

In a post on X on September 5, trader ‘Crypto Louca’ predicted that the price of Bitcoin will continue to fall this year, falling into a price zone between $36,000 and $46,000.

$BTC Good probability of reaching this area before the end of the year

36-46k pic.twitter.com/pPtRkSVUCz

— Crypto Louca (@Cryptolouca) September 5, 2024

Bitcoin bones are back

Analyst IncomeSharks examined the picture of the market this year and stated that if September is not the local fund, “it is probably time to move away from this structure”.

They predicted another move below $50,000 ahead of the bullish push in October, warning that if that doesn’t happen, the outlook could be bleak for the coming months.

When asked if he was turning bearish, analysts responded:

“No, still neutral. If it wasn’t an election year, it would be bearish.”

CryptoQuant’s head of research, Julio Moreno, said that the price of Bitcoin fell “simply because there is no growth in demand.”

“All valuation metrics are in bearish territory,” he said before adding that seasonality is usually positive in the fourth quarter, “but it also depends on general economic conditions and the Bitcoin market.”

#Bitcoin the price has fallen simply because there is no growth in demand. small

In fact, demand is declining at the moment.

Basically all valuation metrics are in bearish territory. pic.twitter.com/kmwb3pvpUc

— Julio Moreno (@jjcmoreno) September 5, 2024

Analyst and chart guru Peter Brandt identified the chart pattern as an “inverted expanding triangle” or a “megaphone.”

He said a test of the lower bound of this formation would be a drop around $46,000.

“A massive push into new ATHs is required to bring this bull market back,” he said before adding that selling is stronger than buying in this pattern.

However, this price structure, also called a “descending widening wedge”, is a bullish reversal chart pattern consisting of two diverging bullish lines. For the momentum to change to the upside, BTC would need to regain the upper boundary line and break through the resistance there.

Needs a recovery bounce

Analyst ‘Rekt Capital’ observed that Bitcoin created a new resistance level and “must recover soon to remove this potential breakdown confirmation before the close of the new weekly candle.”

BTC dipped below $56,000 briefly during early trading in Asia on Friday. At the time of writing, it was changing hands at $56,664, but sentiment remains weak and the asset is moving into the lower support bands of this six-month trading channel.

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