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<p>The post <a href="https://coinpedia.org/price-analysis/how-low-bitcoin-price-might-drop-in-this-crash-heres-what-analysts-say/">How Low Bitcoin Price Might Drop in this Crash, Here’s What Analysts Say?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency market is facing another day of heavy losses, with the leading cryptocurrency, Bitcoin, <a href="https://coinpedia.org/price-analysis/btc-price-crash-is-this-the-right-time-to-buy-bitcoin/">plummeting over 8%</a> to trade below the $61,000 mark. This marks the most substantial single-day percentage decline since November 9, 2022, when prices experienced a sharp 14% drop following the collapse of the FTX exchange, formerly the third largest in the market.</p> 
<p>Many crypto analysts are now predicting that the price of Bitcoin could fall further, reaching $58,000 in a short period.</p> 
<h2 class="wp-block-heading" id="h-fomc-meeting-uncertainty-nbsp">FOMC Meeting Uncertainty&nbsp;</h2> 
<p>In a recent tweet, renowned crypto analyst Michael van de Poppe raised concerns about a possible further decline in bitcoin prices. He pointed to today’s FOMC meeting, where Federal Reserve Chairman Jerome Powell is set to talk about the Fed rate cut for March month.&nbsp;</p> 
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   <p lang="en" dir="ltr">Good morning,<br><br>Today it’s FOMC day &amp; Powell will be speaking. <br><br>Given that the Bank of Japan has raised the interest rates, it’s likely that the selloff continued due to that decision.<br><br>I suspect we’ll rotate today/tomorrow from the FOMC decision and are close to a low.</p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1770333430921789776?ref_src=twsrc%5Etfw">March 20, 2024</a>
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<p>Additionally, the Fed’s pledge to maintain the rates steady until inflation falls below 2%. This suggests that there won’t be any change in the fed rate will be seen.&nbsp;</p> 
<p>Adding further to market uncertainty, <a href="https://coinpedia.org/news/heres-why-bitcoin-price-dropping-today/">van de Poppe points</a> out that the recent decision by the Bank of Japan (BOJ) to raise its short-term policy rate from -0.1% to zero to 0.1% could have a significant impact on cryptocurrency market capitalization.</p> 
<h2 class="wp-block-heading" id="h-btc-to-fall-58k-level">BTC To Fall: $58k Level</h2> 
<p>On the other hand, Crypto Rover offers takes a bearish stance, foreseeing Bitcoin’s potential bottom around $58,000-$60,000. Meanwhile, the reason behind such a prediction comes against the massive outflow witnessed by the grayscale ETF of $643 million.&nbsp;</p> 
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   <p lang="en" dir="ltr">I think <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> will bottom around $58,000-$60,000</p>— Crypto Rover (@rovercrc) <a href="https://twitter.com/rovercrc/status/1770334394550509662?ref_src=twsrc%5Etfw">March 20, 2024</a>
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<p>In addition, bitcoin’s sharp decline led to massive liquidations of $440 million among crypto futures traders, especially those with long positions. Meanwhile, most of the liquidation occurred at Binance, with a total of $212 million, followed by $170 million at OKX.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
<p>Bitcoin’s recent <a href="https://coinpedia.org/price-analysis/bitcoin-analyst-planb-predicts-price-to-reach-5-million-heres-detail-projection/">record high of over $73,738</a> was followed by an impressive 17% decline. To regain bullish momentum, Bitcoin must hold above a critical support level at $61,025, which sets the stage for a test of resistance around $68,519.</p> 
<p>On the other side, if the bulls fail to recover, the price could give up $61,025, indicating significant downside potential. In such a scenario, the bears could target the $58,000 support level next week.</p> 
<p>Bitcoin is currently <a href="https://markets.coinpedia.org/bitcoin/">trading at $62,865</a>, representing a 2.3% drop in price over the last 24 hours.</p>

How Low Bitcoin Price Might Drop in this Crash, Here’s What Analysts Say?

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