Analysts continue to forecast a decline in Bitcoin prices throughout 2024, pointing to a possible drop to the $36,000-$46,000 range.
Prolonged Price Decline
The Bitcoin market correction has been ongoing for the past six months and is currently around 23%. Although this decline isn’t historically deep, analysts are increasingly concerned about the continuation of this trend. Trader Crypto Louca predicted in a post that Bitcoin's price will fall into the $36,000-$46,000 range before the end of the year.
Expert Opinions
Analyst IncomeSharks stated that if September isn’t the local bottom, it’s probably time to move away from the current structure. They predict another move below $50,000 before upward momentum in October. CryptoQuant head of research Julio Moreno pointed out that Bitcoin price is down due to a lack of demand growth. He added that seasonality is usually positive in the fourth quarter but depends on overall economic and Bitcoin market conditions.
Need for Recovery
Analyst ‘Rekt Capital’ noted that Bitcoin created a new resistance level and needs to rebound soon to avoid potential breakdown confirmation before the new weekly candle close. BTC briefly dropped below $56,000 on Friday but continues to hover at the lower support bands of this six-month trading channel.
Analysts remain cautious about Bitcoin's future price, citing lack of demand growth and the need for recovery to initiate a new bull market.
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