As a seasoned crypto investor with a decade-long journey through the volatile world of digital assets, I find myself standing at the crossroads, gazing into the crystal ball of Bitcoin’s price trajectory. Having weathered several market cycles and witnessed Bitcoin’s meteoric rise and fall, I have learned to appreciate the wisdom in staying cautiously optimistic.
As a seasoned cryptocurrency investor with years of experience under my belt, I have seen the volatile nature of Bitcoin‘s price fluctuations many times before. Currently, I find myself observing the market with a mix of caution and intrigue as the Bitcoin price continues to trade sideways, reflecting the indecision of investors due to uncertainties on the macroeconomic front.
What Could Make Bitcoin Drop To As Low As $48,000
According to Van de Poppe’s recent post on X (previously known as Twitter), if the Consumer Price Index (CPI) inflation data disappoints, Bitcoin might fall below $56,000 and potentially reach a price target of around $48,000. However, if Bitcoin manages to stay above $56,000, it must first overcome resistance levels between $60,000 and $61,000. If it successfully breaks through these levels, Bitcoin could approach its current all-time high (ATH) of approximately $73,000.
The statistics on Consumer Price Index (CPI) inflation, published on August 14, revealed a 0.2% rise in July’s figures compared to June, and an annual growth of 2.9%. This data met expectations, neither boosting nor dampening market sentiment, as Bitcoin maintained its level after the announcement. The upside lies in the fact that the inflation rate appears to be decelerating, suggesting that a possible reduction in interest rates next month (September) might still transpire.
Although the Consumer Price Index (CPI) data did not indicate significant issues, Van de Poppe’s prediction of Bitcoin potentially dropping to around $48,000 remains a possibility given the crypto’s recent price trends have appeared more pessimistic than optimistic. In fact, Alex Kuptsikevich, an analyst at FxPro, suggested that Bitcoin might decrease by $5,000 rather than increase by the same amount.
If Bitcoin were to fall by $5,000, it could slip below the $56,000 barrier pointed out by Van de Poppe, making $48,000 a potential next stop. Meanwhile, crypto analyst Altcoin Sherpa predicts that if Bitcoin doesn’t manage to rise above its current price, it might dip down to around $40,000. However, if it successfully breaks through this level, Bitcoin could reach as high as $70,000.
A Strong Rally Is Coming For BTC
In the current uncertain state of Bitcoin’s price fluctuations, crypto analyst Mikybull Crypto predicts a powerful and substantial surge for the leading cryptocurrency. This prediction was made following his disclosure that the global liquidity index has breached its 2-year resistance level. He emphasized that there is a strong connection between Bitcoin’s price movements and the global liquidity index.
The expert, who previously predicted that the lowest point for Bitcoin had passed, more recently suggested that the primary cryptocurrency could potentially aim for $95,000 during its fifth wave of growth, followed by a target of $142,000.
Currently, as I’m typing this, Bitcoin is approximately valued at $58,400. However, within the past day, its value has decreased by more than 4%, based on data provided by CoinMarketCap.
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2024-08-15 18:27