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<p>The post <a href="https://coinpedia.org/news/bitcoin-price-analysis-heres-what-next-for-btc-price-2/">Bitcoin Price Analysis: Here’s What Next For BTC Price</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In August, Bitcoin (BTC) saw its worst downturn. It fell below $50,000 after the Bank of Japan raised its interest rate from 0% to 0.25%, impacting the US stock market. Traders borrowed Japanese Yen at low interest rates to buy US assets, leading to further corrections in BTC.&nbsp;</p> 
<p>At the moment, Bitcoin is trading around $60,774 on Binance. Despite a sharp drop to $49,000 on August 5 during a global market downturn, Bitcoin quickly recovered. This resilience suggests a strong support level, though the bulls’ inability to fully capitalize on the recovery raises concerns. However, analysts see this phase as a golden period to enter the market with low prices as this is the last chance to sink into the pool before the prices go UP.&nbsp;</p> 
<p>But what are experts saying about this? Read On.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-will-btc-take-a-dip-below-38-000">Will BTC Take a Dip Below $ 38,000?</h2> 
<p>Bitcoin enthusiasts and investors might face a golden opportunity if they consider buying below $38,000. According to Blockstream CEO Adam Back, Bitcoin’s 200-week <a href="https://coinpedia.org/traders/what-is-moving-average-indicator" target="_blank" rel="noreferrer noopener">moving average</a> (200MA) has recently surpassed this level, indicating a potential price floor. Historically, Bitcoin has never dipped below its 200MA, making it a critical benchmark for its price stability.</p> 
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   <p lang="pl" dir="ltr"><a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> 200wma over $38k <a href="https://t.co/olAw6BOjgz">pic.twitter.com/olAw6BOjgz</a></p>— Adam Back (@adam3us) <a href="https://twitter.com/adam3us/status/1826390065096077697?ref_src=twsrc%5Etfw">August 21, 2024</a>
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<h2 class="wp-block-heading" id="h-analyst-weighs-in"><strong>Analyst Weighs In</strong></h2> 
<p>Prominent trader Mark Dow <a href="https://www.bloomberg.com/news/articles/2018-12-18/bitcoin-bear-mark-dow-closes-short-bet-after-fever-breaks" target="_blank" rel="noreferrer noopener nofollow">points </a>out that Bitcoin’s recent peak of $73,737 in March, following successful ETF launches, has seen a 17.5% decline. This correction highlights some ongoing bearish pressure. Moreover, the market faces potential selling pressure from Mt. Gox repayments as the defunct exchange transfers significant amounts to Bitstamp.</p> 
<p>Plus, JPMorgan has recently cautioned that there are no immediate bullish catalysts for Bitcoin, advising investors to be wary of its recent recovery.</p> 
<p>For now, the combination of Bitcoin’s historical price behavior relative to its 200MA and the current market dynamics suggests that a drop below $38,000 may be unlikely, making this a crucial period for prospective buyers. With a bull run for most of Q1 and Q2 of 2024, the buyers confidently take bullish positions in Bitcoin. The bull run could gain momentum as the uptrend peaks at $72,000 and sustains dominance above $58,000.</p> 
<p>Rising hopes for interest rate cuts in the US market will push <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC’s price</a> uptrend. Therefore, 2024 is highly anticipated to be a bullish year for Bitcoin, with a potential high of around $120,000 and a potential low of $35,000.&nbsp;</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/reviving-nvidia-lawsuit-could-invite-danger-to-crypto-giants-tdc-warns/" target="_blank" rel="noreferrer noopener">Nvidia Lawsuit Revival Could Spell Trouble for Crypto Companies</a></p>

Bitcoin Price Analysis: Here’s What Next For BTC Price

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