Analysts Predict Bitcoin Price Could Crash To $40,000, But There’s Good News
03 Setembro 2024 - 4:30PM
NEWSBTC
Despite initial expectations of a steady price increase and a
robust bull run this year, Bitcoin (BTC) has suffered severe
declines, pushing its price below the $60,000 threshold. Due to the
cryptocurrency’s prolonged bearish performance, a crypto analyst
has warned that Bitcoin could decline even further, predicting a
potential crash below $40,000. However, the analyst also provides a
silver lining to his bearish outlook, anticipating a major rebound
after the decline. Bitcoin May Be Headed For A $40,000 Crash
A crypto analyst known as ‘Magog PhD’ took to X (formerly Twitter)
on September 1 to share a unique encounter he had with a supposed
Bitcoin billionaire. The analyst recounted an unusual experience
from his summer job as a waiter in a New York restaurant, where a
Bitcoin billionaire slid a piece of paper across the table in the
form of a tip. Related Reading: Here’s Why The XRP Price
Plunged To $0.55 Upon examination the paper revealed a chart
forecasting Bitcoin’s future price trajectory. The chart
illustrated that Bitcoin’s price was expected to crash below
$32,000, marking a massive decline to new lows. Over the past few
months the price of Bitcoin has experienced strong volatility and
widespread liquidations which have led to severe price decline. At
one stage, the cryptocurrency tumbled by over 20%, plunging below
$50,000 before rebounding to nearly $60,000. The demand for Spot
Bitcoin Exchange Traded Funds (ETFs) have also seen a sharp
decline, likely playing a role in Bitcoin’s recent downward
trend. Although the Bitcoin price chart projects that the
cryptocurrency will crash below $32,000, it also illustrated that
Bitcoin would potentially witness a major breakout above $76,000
following the decline. Similar bullish sentiment has been shared by
fellow crypto analysts in the market. According to technical
analyst and Bitcoin trader, ‘Titan of Crypto,’ Bitcoin is currently
forming a unique technical pattern called the “Cup and Handle
pattern.” Often recognized as a bullish continuation signal, the
Cup and Handle is a technical chart pattern that highlights a
period of consolidation after an uptrend, followed by a slight pull
back and an eventual breakout to the upside. Based on this
technical pattern, the analyst believes that Bitcoin is likely to
break out soon, reaching a potential price target of $110,000. He
disclosed that this bullish price movement could happen in the
final quarter of the year, highlighting that the cryptocurrency’s
rebound is “going to be epic.” BTC Achieves Historic Weekly Golden
Cross Bitcoin may have reached a historic milestone, as crypto
analyst Jelle has identified the formation of a weekly Golden Cross
on the Bitcoin price chart for the first time ever. Related
Reading: Crypto Market In Trouble As Analyst Predicts $1 Trillion
Crash The golden cross occurs when a short-term Moving Average
(MA) crosses above a long-term MA. This week, Bitcoin’s
100-week MA surpassed the 200-week MA, highlighting a strong
bullish signal that could potentially trigger a massive bull run
for the cryptocurrency. Featured image created with Dall.E,
chart from Tradingview.com
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