Major cryptocurrency Bitcoin is down nearly 4% in the last seven days, erasing most of the gains from the $49,500 low on Aug. 5.
While the market expects a new ATH with a fast and strong recovery, analysts say that BTC may experience further corrections and a rapid recovery is not yet likely.
At this point, 10x Research founder Markus Thielen predicted that there is a possibility that BTC could drop below $50,000.
Stating that the Bitcoin price fell below the ascending trend line of the asymmetrical triangle in the last correction in his recent analysis, Thielen said the following for the price:
“A breakout of this support line would signal a retest of the August 5 lows below $50,000.
At this point I think Bitcoin falling below $50,000 is inevitable.”
Popular analyst Michael Van de Poppe also made a similar prediction for Bitcoin.
Poppe drew attention to the weakness in the price, stating that Bitcoin received the necessary liquidity for the rise but could not make the expected jump.
According to the analyst, Bitcoin could drop to $53,000 or even $49,000 before making an upward bounce.
Bitcoin (BTC) continues to trade at $56,820 at the time of writing.
The markets are correcting.
Liquidity has been taken, but it doesn't provide the actual bounce upward we wanted.
If that's the case, then $53K is likely, or even $49K, before the reversal happens for #Bitcoin.
It's still early September. pic.twitter.com/B5tesOtkDM
— Michaël van de Poppe (@CryptoMichNL) September 4, 2024
*This is not investment advice.
