Bitcoin fell to a low of $57,700 on Coinbase as prices fell during the U.S. trading session.
Analysts are predicting further weakness is expected, including:
At the time of writing, Bitcoin (BTC) is trading at around $58,486 on major crypto exchanges, but amid renewed selling pressure, the price of the digital asset hit a low of $57,700 on U.S.-based crypto exchange Coinbase.
Notably, prior to this latest sell-off, crypto analyst Miles Deutscher shared his view that over the past few weeks, prices have been rising during Asian trading hours and falling during U.S. trading hours.
“Asia bids, America gives up,” says analyst Expressed an opinion.
Like clockwork… pic.twitter.com/w9LPTlj8VD
— Miles Deutscher (@milesdeutscher) August 30, 2024
A potential drop of $56,000?
Julio Moreno, head of research at CryptoQuant, suggests that the $56,000 area remains key. If prices fall below this, the analyst expects further weakness. According to Moreno, Bitcoin's market cycle indicators are again showing weakness, and BTC could be facing a deeper correction if it falls below the demand zone.
“From a valuation perspective, the risk of a larger correction increases if the price falls below $56,000,” analysts at CryptoQuant noted.
#BitcoinMarketCycleIndicators are again in the bearish phase (light blue zone).
From a valuation perspective, the risk of a bigger correction increases if the price drops below $56,000. pic.twitter.com/dsOS9ZSoHZ
— Julio Moreno (@jjcmoreno) August 30, 2024
Could Bitcoin Hit $40 Next?
Altcoin Sherpa is completely bearish on BTC price. The crypto analyst shared a chart suggesting that the drop could continue to $40,000.
The last time Bitcoin traded at these levels was in January, when the price rose above $46,000 before dropping to $39,000. This was before bulls rallied BTC amid halving sentiment and spot Bitcoin exchange-traded funds were approved to hit all-time highs above $73,000.
BTC prices have fallen 12% over the past month and are down more than 21% from their all-time highs in March as of 1:30 PM ET on August 30, 2024.
$BTC See You at $40,000
I meant to post this but misread the chart pic.twitter.com/GHBTqPwXb5
— AltcoinSherpa (@AltcoinSherpa) August 30, 2024
What will the BTC price be in September?
Investor sentiment can change at any time depending on market conditions and events.
However, crypto analyst Ari Martinez suggested that September was historically a tough month for Bitcoin. This outlook comes despite the overall expectation that the Federal Reserve's interest rate cuts could provide a tailwind for risk assets, including crypto.
If you thought August was a tough month for #Bitcoin, remember that September often brings negative returns as well. pic.twitter.com/vrdQdLcUac
— Ali (@ali_charts) August 30, 2024
