Originally published on: October 03, 2024
Bitcoin has experienced a significant drop in price, falling by $6,000 from September 29 to October 3, hitting a low of $59,860. Based on recent price action, it seems that the downward trend may continue.
The recent sell-off, sparked by geopolitical tensions in the Middle East, has caused Bitcoin to lose key support levels, including the 50-day and 100-day exponential moving averages. Analysts are now predicting that the price could drop even further.
According to Bitcoin analyst AlphaBTC, the current geopolitical situation and signs of weakness in US economic data point towards a potential further decline in Bitcoin’s price. Other analysts share similar sentiments, setting short-term targets for Bitcoin between $57,500 and $61,300.
While some are hopeful for a V-shaped recovery towards $70,000, others believe that Bitcoin could see deeper corrections, with targets as low as $52,000. If support at $60,000 is lost, the next logical move could be towards $55,000, according to analysts.
It is important to note that this article does not offer investment advice. As with any investment, trading Bitcoin involves risk, and readers should do their own research before making decisions. Stay tuned for updates on Bitcoin’s price action in the coming days.
