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<p>The post <a href="https://coinpedia.org/news/bitcoin-news-today-btc-price-faces-its-worst-month-how-low-will-it-go/">Bitcoin News Today : BTC Price Faces Its Worst Month, How Low Will it Go?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC) is facing its worst month of the year, dropping over 12% in the past 24 hours to trade around $51,000 early in the New York session on Monday. With over $1.1 billion liquidated from crypto-leveraged markets, web3 investors are feeling a wave of despair and uncertainty.</p> 
<p>The Bitcoin Fear and Greed Index has fallen to 26%, indicating a significant fear of further market declines. </p> 
<p>As fear and uncertainty loom large, we delve into the data to uncover potential clues about Bitcoin’s future.</p> 
<h2 class="wp-block-heading" id="h-key-support-levels">Key Support Levels </h2> 
<p>Veteran trader Peter Brandt points out that Bitcoin’s recent price action is similar to the 2015-2017 halving bull cycle, which led to one of the biggest crypto bull markets to date.</p> 
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   <p lang="en" dir="ltr">Please note that <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle <a href="https://t.co/cIm3WKzBog">pic.twitter.com/cIm3WKzBog</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1820421762493890737?ref_src=twsrc%5Etfw">August 5, 2024</a>
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<p>Technically, Bitcoin is expected to find strong support around $47,140, where nearly 900,000 wallets bought about half a million BTC units. Historically, August and September have been tough months for Bitcoin, with average losses of 7.82% and 5.58%, respectively. However, October and November have been the best months, with average gains of 22% and 46%.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> 2020 vs <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> 2024<br><br>This is very reminiscent of the covid crash in March 2020 <br><br>Descending Broadening Wedge <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9d0.png" alt="🧐" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/rXJmRVTBwp">pic.twitter.com/rXJmRVTBwp</a></p>— CryptoBullet (@CryptoBullet1) <a href="https://twitter.com/CryptoBullet1/status/1820417801175310757?ref_src=twsrc%5Etfw">August 5, 2024</a>
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<p>The recent Bitcoin crash is reminiscent of the 2020 Black Thursday event, triggered by the COVID-19 pandemic. Notably, Bitcoin rebounded in a V-shaped recovery, leading to a significant rally.</p> 
<h2 class="wp-block-heading" id="h-market-predictions">Market Predictions</h2> 
<p>Amid the ongoing market uncertainty due to the Middle East crisis, Wharton’s Jeremy Siegel predicts that the U.S. Federal Reserve will make a 75 basis point emergency interest rate cut, followed by another 75 basis point cut next month.</p> 
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   <p lang="en" dir="ltr">Mr 100 is buying the dip like a maniac today.<br><br>Bought 1200 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> worth $60 million <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/ss2TZMfpDX">pic.twitter.com/ss2TZMfpDX</a></p>— Vivek
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Vivek4real_) <a href="https://twitter.com/Vivek4real_/status/1820437318097920283?ref_src=twsrc%5Etfw">August 5, 2024</a>
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<p>On-chain data shows that some whales are taking advantage of the recent drop to accumulate more coins, anticipating a market rebound.</p> 
<p><strong>Bitcoin has been on a rollercoaster. Will history repeat itself, or is this time different?</strong></p>

Bitcoin News Today : BTC Price Faces Its Worst Month, How Low Will it Go?

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