Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-monitor-bitcoins-potential-correction-below-55000/" data-wpel-link="internal">Analysts Monitor Bitcoin’s Potential Correction Below $55,000</a> 
Noteworthy <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> and developments continue to emerge in the crypto <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a>. According to analysts, the Bitcoin price fell below a significant trend line as they anticipate a possible correction below $55,000 before recovery. The Bitcoin price dropped below a crucial growth trajectory line compared to previous Bitcoin halving cycles. 
<h2 class="p1" style="text-align: justify" id="critical-phase-for-bitcoin">Critical Phase for Bitcoin</h2> 
According to the crypto research platform Ecoinometrics, recovering above this trend line, which is approximately $63,000, could set Bitcoin on a path to new highs. The team stated in an X post on August 12: 
<blockquote> 
 “Bitcoin has fallen below its historical post-halving growth trajectory range. If it returns to this range before the end of the year, we see a high probability of a six-figure value for one Bitcoin.” 
 <img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379118 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-1-scaled.jpg" alt="" width="2560" height="2560"> 
</blockquote> 
If Bitcoin follows the same trajectory seen in previous halving cycles, it could exceed $140,000 at the peak of the 2025 cycle. The Bitcoin price could fall below $55,000 based on the Consumer Price Index (CPI) to be released on August 14. 
In an X post on August 12, popular crypto investor and analyst Crypto Bullet suggested that a higher-than-expected reading could lead to another correction: 
<blockquote> 
 “What a monster bull weekly candle! Long wick, green body, and strong recovery. While I think it’s possible to test $53,000 – $55,000 one last time if the CPI comes in hot on Wednesday, I can’t be bearish here.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379117 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-yorum-1-scaled.jpg" alt="" width="2560" height="1374"> 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
However, Bitcoin miner reserves have fallen to 1.8 million Bitcoin, which is lower than the miner reserves at the beginning of March when Bitcoin reached its all-time high, as noted by CryptoQuant writer Binhdangg in an X post on August 12. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-379116 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/binhdangg-scaled.jpg" alt="" width="2560" height="1440"> 
Decreasing miner reserves mean that the upcoming Bitcoin selling pressure will be less as miners rely on selling Bitcoin for operational costs. Still, popular <a href="https://en.coin-turk.com/cryptocurrency-prices-take-a-dip/" data-wpel-link="internal">crypto analyst</a> Rekt Capital believes Bitcoin needs confirmation above $60,600 for more upward momentum. The analyst stated in an X post on August 10: 
<blockquote> 
 “Bitcoin is doing everything right to confirm $60,600 as support to position the price for a revisit above $65,000 over time.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-379115 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/rekt.jpg" alt="" width="1794" height="1266"> 
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Analysts Monitor Bitcoin’s Potential Correction Below $55,000

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