Where’s The Bitcoin Price Bottom? 3 Educated Guesses

What Needs to Happen for Bitcoin to Mark a Local Bottom? CryptoQuant Reports



Bitcoin’s market price on crypto exchanges fell to its lowest price since the early August massacre when it dumped below $50,000 for the first time since the spot Bitcoin ETFs were greenlighted in the US and started seeing actual demand.

BTC bounced off the previous such crash and even soared to $65,000 weeks later. However, the bears seem back in control now, with the asset down by 7% in the past seven days.

So what will it take for Bitcoin price to rebound again and when will that happen? Here are three BTC price predictions for the current market conditions.

1. $57,000 – BTC Miner’s Electricity Cost to Price Signal

X.com crypto analyst Astronomer Zero made this prediction Thursday before the US jobs report kicked bitcoin’s price down another $4,000. If Zero is right, that’s a bump in the road that should wash out soon.

Tokenmetrics

The analyst spotted a pattern in miner capitulation and rebounds that could signal the market bottom is near for bitcoin.

“The mechanics of the hash ribbons are fairly simple: each time a cross up happens, the buy signal flashes,” Zero wrote. “This comes from an increase of the hash rate after a steep drop i.e. a compromise of the networks hash rate, a direct consequence of miners capitulation.”

2. $53,480 – Fibonacci Retracement

This represents a 25% drop from the top for BTC’s price of almost $74,000 registered in March. This is a common Fibonacci retracement percentage.

If BTC follows this mathematically common pattern found throughout nature as well as in liquid financial markets with lots of participants, we might be passed the bottom and on to another rally.

3. $50,000 – Recessionary Macro Bear Market

In BitMEX co-founder Arthur Hayes’ recent worst-case scenario prediction, the bear market in stocks widens, or there’s a US recession, and bitcoin goes as low as $50,000. Still, even he pivoted from his short strategy by closing his position on Sunday and hinting at a potential rally.

Peter Brandt, a well-known commodity and foreign exchange trader cautions it’s not just how low the price goes, but how long markets will have to wait until they begin to recover, “There are two dimensions to drawdowns – price and duration Prolonged corrections can cause more emotional damage than can steep corrections.”

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Crypto-Moon
Coinmama
Crypto-Moon
What Needs to Happen for Bitcoin to Mark a Local Bottom? CryptoQuant Reports
Tokenmetrics
Fiverr
How Bitcoin Miners Are Tapping Into the AI Gold Rush – Part 1
High Levels of FOMO Hint at Bitcoin Rally Halt After BTC's Surge Above $64K
Nigerian Fintech Okra Launches Cloud Unit to Boost Revenue
3 Reasons Why Bitcoin (BTC) Could Bounce This Month: Details
Nigerian Regulator Pledges to Fight Crypto Fraud
Peter Todd Denies Being Satoshi Following HBO Film Claims
Blockonomics
Ledger
Trump signs bill criminalizing nonsensenual AI deepfake porn
Hoskinson promises audit, is ‘deeply hurt’ by $600M Cardano treasury claims
Binance Seeks Dismissal of FTX’s $1.76B Clawback Suit, Calling It ‘Legally Deficient’
Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert
CME launches XRP futures as institutional demand drives crypto derivatives growth
Trump signs bill criminalizing nonsensenual AI deepfake porn
Hoskinson promises audit, is ‘deeply hurt’ by $600M Cardano treasury claims
Binance Seeks Dismissal of FTX’s $1.76B Clawback Suit, Calling It ‘Legally Deficient’
Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert