Originally published on: August 05, 2024
The recent plunge in Bitcoin’s price below the $50,000 mark has sent shockwaves through the cryptocurrency market, leaving traders contemplating the next move. Over the past three days, BTC has plummeted nearly 31%, leading to a massive sell-off and liquidation of leverage positions.
Analysts are divided on whether Bitcoin will see a quick recovery or continue its downward trend in the coming weeks. The $500 billion wiped out from the crypto market in just 24 hours has left traders and investors on edge, with many wondering if this signals the start of a bear market.
While some experts believe that Bitcoin may hit a rebound in the short term, others caution that the market could remain stagnant for a while. The ongoing correction in BTC’s price has prompted traders to set new price targets, with some predicting a drop below $45,000 before September.
CryptoQuant founder Ki Young Ju has identified the $45,000 to $55,000 range as a crucial demand zone that could determine Bitcoin’s future trajectory. Traders are closely monitoring this level, as a break below could confirm a new bear market cycle.
Popular analyst Scott Melker echoes these concerns, suggesting that Bitcoin’s price could dip below $45,000 in the near future. With uncertainty looming over the market, traders are bracing for further volatility and potential price swings.
As Bitcoin teeters on the edge of a major correction, investors are urged to exercise caution and conduct thorough research before making any investment decisions. The crypto market remains highly volatile, and the future direction of Bitcoin’s price is still uncertain. Stay tuned for more updates on this developing story.