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Bitcoin DroppedAs the U.S. dollar index continues to rise beyond 110, the price of Bitcoin (BTC) has dropped by almost 8% over the past 24 hours, weakening the crypto and stock markets ahead of the FOMC meeting of the Fed on September 20-21. Rekt Capital, a well-known cryptocurrency expert, forecasts that the price of bitcoin might drop below $13,900, and in the worst case, to $11,500.<h2 id="header-0">Historical evidence suggests further price declines for bitcoin (BTC).</h2>The Bitcoin price is currently failing to break the $20,000 mark on a monthly basis, displaying a vulnerability. The $20,000-$23,350 region will mostly determine bulls and bears in this market. The price changes in July and August, with $20,000 acting as support, show the variation in the buy-side push.However, the poor price movement in September shows that $20,000 is currently acting as a resistance level. The following support levels for Bitcoin (BTC) are $17,150 and $13,900 if the price of the cryptocurrency falls below $20,000 by month&#39;s end.After a Death Cross, historically, the price of Bitcoin (BTC) develops a bottom at or below the 200-weekly moving average (WMA). Retracements following the Death Cross have ranged from -42% to -73%.Therefore, based on previous post-Death Cross retracements and support levels, it is expected that the price of bitcoin would bottom out at roughly $13,900. In the worst-case scenario, the price of bitcoin would fall to $11,500.The drop looks most likely because the price of bitcoin has already fallen below the 200-WMA and the psychological milestone of $20,000. However, compared to prior eras, there is a significant change in the market cap size, liquidity, and institutional and retail use of Bitcoin now.In 2015, there were 547 days before the Bitcoin halving, while in 2018, there were 517 days. The bottom will therefore happen in Q4 of this year if Bitcoin is going to reach its lowest point 517–547 days prior to the planned April 2024 halving.<h2 id="header-1">Macros Impacting <a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" rel="noopener noreferrer nofollow">BTC Price</a></h2>The price of Bitcoin keeps falling below $20,000 despite an increase in the number of new addresses created each day.The September 21st Fed rate hike will have the biggest impact on the price of Bitcoin (BTC). Wall Street experts such as Goldman Sachs forecast a 75 bps rate hike in September and 50 bps rate hikes in November and December. The CME FedWatch Tool estimates that there is an 80% chance of a 75 bps rate increase.The BTC price is currently trading above $19,000 after rising roughly 4% from the 24-hour low of $18,220. The price of bitcoin will be under pressure if the US dollar index stays around 110.

Bitcoin could go below $15,000, According to Analyst

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