Where is the bottom price of Bitcoin? 3 Educated guesses

The market price of Bitcoin on crypto exchanges fell to its lowest price since the massacre in early August, when it fell below $50,000 for the first time since Bitcoin ETFs were given the green light in the US and they started to see a real demand.

BTC bounced back from the previous dip and even soared to $65,000 weeks later. However, the bears seem to be back in control now, with the asset down 7% over the past seven days.

So what will it take for the price of Bitcoin to recover again and when will it happen? Here are three BTC price predictions for current market conditions.

1. $57,000: BTC Miner electricity cost signal to price

X.com crypto analyst Astronomer Zero made this prediction on Thursday before the US jobs report sent the price of bitcoin down another $4,000. If Zero is right, this is a bump in the road that should fade away soon.

$BTC

Weekly hash tapes, another 100% accurate bottom signal just flashed

To wrap up the data analysis considering whether this is a good time to buy, I included one more set of data analysis with powerful results once again (16 data points over the entire history of… https://t.co/H6CIcn0hOJ pic.twitter.com/6zwhZONPrM

— Astronomer (@astronomer_zero) September 6, 2024

The analyst spotted a pattern in miner capitulation and bounces that could indicate a market bottom is near bitcoin.

“The mechanics of hash tapes are quite simple: every time a crossover occurs, the buy signal flashes,” Zero wrote. “This comes from an increase in the hash rate after a sharp drop, i.e. a compromise of the network hash rate, a direct consequence of the miners capitulating.”

2. $53,480 – Fibonacci retracement

This represents a 25% drop from the top for BTC’s nearly $74,000 price recorded in March. This is a common Fibonacci retracement percentage.

If BTC follows this mathematically common pattern found in nature as well as liquid financial markets with many participants, we could bottom out and move into another rally.

3. $50,000 – Macro bear market recession

In BitMEX co-founder Arthur Hayes’ recent worst-case scenario prediction, the bear market in stocks widens, or there is a US recession and bitcoin falls to $50,000. Still, even he pivoted from his short strategy by closing out his position on Sunday and hinting at a potential rally.

Peter Brandt, a well-known commodity and currency trader, warns that it’s not just about how far the price goes, but how long the markets will have to wait until they start to recover: “There are two dimensions for withdrawal: price and duration Protracted corrections can cause more emotional damage than abrupt corrections.

The last time Bitcoin closed below the current price was on February 25, 2024. $BTC #Bitcoin
There are two dimensions to sales: price and duration
Prolonged corrections can cause more emotional damage than abrupt corrections pic.twitter.com/IVwEx2PHic

— Peter Brandt (@PeterLBrandt) September 6, 2024

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!