Cryptocurrency

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analysts-discuss-bitcoin-price-drop-and-market-reactions/" data-wpel-link="internal">Analysts Discuss Bitcoin Price Drop and Market Reactions</a> 
Bitcoin (BTC) price dropped below $56,000, hitting a daily low of $55,817. While BTC’s price negativity continues, altcoins remain in the red. Two different crypto analysts share their predictions on the current situation. We mentioned analysts targeting $53,000 today; is BTC heading to these levels? 
<h2 style="text-align: justify" id="bitcoin-btc-analyst-commentary">Bitcoin (BTC) Analyst Commentary</h2> 
Earlier today, we shared <a href="https://en.coin-turk.com/price-predictions-for-altcoins-loom-front-ark-and-flm-coin-analysis/" data-wpel-link="internal">crypto analyst</a> Roman’s bearish scenario. He was right, and the price decline accelerated. However, the weakening volume along with the price drop still indicates a recovery possibility on the daily chart. BTC lost $56,000, and Roman wrote the following; 
<blockquote> 
 “This morning I published a bearish scenario, but the daily chart still shows upward potential. This is because the price is falling along with the volume. 
 We are also approaching the $55,000 support on the daily chart, so longs make more sense, but I need to see more to trade.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-386193 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/09/Analist-Roman-BTC-Yorum.jpg" alt="" width="1910" height="1128"> 
Another popular crypto analyst SETH says whales are trying to keep the price low while buying, and the recent move is related to this. 
<blockquote> 
 “Sell orders came in and pushed BTC down, filling buy orders. 
 There are a lot of bids down here! Bitcoin has been doing this for 6 months, are you surprised? You ask why the price doesn’t rise while whales are buying. This is the reason. They are pulling the price down again to buy more.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-386194 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/09/Binance-emir-defteri-5-eylul.jpg" alt="" width="1117" height="642"> 
Binance order book image added by the analyst remains hopeful for a rise. 
<h2 style="text-align: justify" id="cryptocurrency-commentary">Cryptocurrency Commentary</h2> 
On Friday, the latest labor <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> will be released, leaving only inflation figures. If tomorrow’s data or the inflation data comes in at abnormal levels, it will increase the Fed’s likelihood of a 100bp cut for 2024. But that’s not the only issue. Simultaneously, Japan’s negative <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> story due to inflation increases the likelihood of more hikes. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-386192 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/09/BTCUSDT_2024-09-05_19-11-11.png" alt="" width="1815" height="836"> 
News from Japan negatively affected the markets last month as well. Due to the potential for a similar wave, we see investors remaining very cautious, especially in cryptocurrencies. Experts expect a rise in the markets with improved liquidity conditions in the last quarter, but in the short term, buyers have valid reasons not to act boldly. This keeps the markets down. 
The post <a href="https://en.coin-turk.com/analysts-discuss-bitcoin-price-drop-and-market-reactions/" data-wpel-link="internal">Analysts Discuss Bitcoin Price Drop and Market Reactions</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Analysts Discuss Bitcoin Price Drop and Market Reactions

Table of Contents

COINTURK NEWS

Other articles published on Sep 5, 2024

Police in China Organize a Massive Cryptocurrency Operation

BitCron Wallet Review 2024

BNB Analysts Predict 1000% Growth For PEPE And This New Exchange Token at $0.009

Angel Drainer upgraded, deploying 300+ malicious DApps in 4 days

New Solana Memecoin Trump’s Nukes to Rally 16,000% Ahead of Exchange Listing, As DOGE and SHIB Fall

CFTC Cracks Down on DeFi: Uniswap Fined for Leveraged Token Trading

Join our free newsletter for daily crypto updates!