Cryptocurrency investors are having a rough end to the week as Bitcoin’s price fell to $53,632. The sales happened extremely quickly, causing frustration for investors. Altcoins saw losses exceeding 4%. Various analysts shared their evaluations of the current situation. What are the market expectations?
Cryptocurrencies Are Falling
Following the decline in US stock markets, cryptocurrencies also turned downwards. Losses experienced by giants like Intel and Amazon shook the US stock markets. As Fed rate cuts approach, while the stock market peaks and prices this in, cryptocurrencies show negative correlation during the rise but follow the stocks in the decline.
Analysts' Bitcoin Comments
Benjamin Cowen, a popular figure, highlighted the performance of BTC in September in his latest evaluation. These figures were something analysts had been emphasizing since the middle of August. It was said that Bitcoin (BTC) would fall in September and not to have high expectations. And so it happened. So far, September’s return is -8.16%, and in the last 5 years, there have been worse. For example, in 2019, there was a loss of nearly 15%. Cowen added: 'If BTC closes the month at this price, it will be a typical September.' An analyst with the pseudonym Roman also shared the following chart in his latest market evaluation: 'And now BTC and cryptocurrencies are falling as a result of the fluctuations in SPX and DXY. There are many other external factors that can affect price movement, and this is one of them. This is one of the big reasons why I haven’t bought Bitcoin for a long time while it lingers at macro support.'
Conclusion
In summary, although BTC is holding above $50,000 for now, falling below $50,000 is not impossible.
The cryptocurrency market is experiencing a volatile period, and analysts continue to share their forecasts, pointing out possible risks and directions for the situation's development. It is important to monitor further changes and expert assessments.
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