Notable

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-predict-bitcoins-potential-drop-to-40000/" data-wpel-link="internal">Analysts Predict Bitcoin’s Potential Drop to $40,000</a> 
According to a <a href="https://en.coin-turk.com/okx-enters-the-indian-market-expanding-web3-opportunities/" data-wpel-link="internal">crypto market</a> analyst, Bitcoin investors should wait on the sidelines until the asset’s price drops below $40,000 to get the best entry price before the next bull run. Markus Thielen, Head of Research at 10x Research, stated in a report dated August 7 that they aim for Bitcoin’s price to fall below $40,000 to ideally time the next <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">bull market</a> entry. 
<h2 class="p1" style="text-align: justify" id="notable-statements-from-analysts">Notable Statements from Analysts</h2> 
According to CoinMarketCap <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, the last time Bitcoin was in this range was February 6, when it was trading at $42,577. At the time of writing, Bitcoin had fallen 12.89% since July 31, valued at $56,848. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-377607 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/cmc.png" alt="" width="1291" height="792"> 
Thielen is not alone, and other analysts also believe Bitcoin could drop to $40,000 in the next few months. Timothy Peterson, founder of Cane Island Alternative Advisors, shared the following in an August 5 X post: 
<blockquote> 
 “In the next 60 days, $40,000 and $80,000 are equally likely.” 
</blockquote> 
Crypto Rover told his 808,400 X followers that if Bitcoin breaks this support, $40,000 is next and shared a related chart. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-377606" src="https://coin-turk.com/wp-content/uploads/2024/08/rover.png" alt="" width="500" height="378"> 
David Gokhstein, founder of Gokhstein Media, stated that he very much wants Bitcoin to drop to $50,000 or even $40,000, adding that this could be a perfect opportunity to gain a bit more. 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
$60,000 has been a solid support level for Bitcoin since March, but it has now fallen below this threshold for two consecutive days. Due to the expected short-term volatility, Thielen advised against a buy-and-hold strategy, noting that Bitcoin and Ethereum currently do not offer the same high risk-reward ratio recently seen in the US stock markets: 
<blockquote> 
 “Neither Bitcoin nor Ethereum exhibit the stable high Sharpe ratio uptrends that US stock market investors have achieved with minimal effort.” 
</blockquote> 
Thielen believes Bitcoin’s current price could still present a buying opportunity but suggests placing a stop-loss order at $54,000 due to the continued downside risk: 
<blockquote> 
 “Especially since we have seen three consecutive days of outflows from ETF funds that do not appear to be buying this dip.” 
</blockquote> 
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Analysts Predict Bitcoin’s Potential Drop to $40,000

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