Some analysts are sharing their predictions about Bitcoin’s future if its price falls below $24.8k, especially as September brings fears of a possible further correction in BTC price.
Bitcoin’s price is facing some challenges as the U.S. Securities and Exchange Commission (SEC) decided to delay its decision on Bitcoin ETFs until October. This move has led several top analysts and traders, including well-known figures like Peter Brandt, Michael van de Poppe, CredibleCrypto, and Rekt Capital, to predict that Bitcoin’s price might continue to correct and possibly drop to $24,800 before a potential recovery.
However, concerns about a bear market in September have once more raised questions about the possibility of further price corrections for Bitcoin.
Bitcoin’s Price Dipping Below $25,000 in September?
August witnessed an 18% decline in Bitcoin’s price, and the start of September brought more uncertainty as the SEC postponed its decision on Bitcoin ETFs. Historically, September hasn’t been a strong month for assets like Bitcoin.
A well-known analyst, Michael van de Poppe, pointed out that the last time Bitcoin had a positive September was in 2016. Since then, it has typically experienced a 5-8% decrease during this month, potentially pushing its price down to the $23,000-$24,000 range.
However, Poppe maintains a bullish outlook for the fourth quarter and suggests that Bitcoin could find potential entry points around $24,700-$25,200. He also highlights the upcoming Bitcoin halving as a factor that could drive buying interest.
CredibleCrypto adds that the primary reason behind Bitcoin’s price decline is significant forced liquidations rather than long-term holders selling their holdings. Aggregate open interest data indicates that there are not many traders left to liquidate, suggesting limited downside potential.
Typically, when aggregate open interest drops below the 7 billion level, it has led to buying opportunities. Currently, Bitcoin’s open interest stands at 7.5 billion, down from its peak of 11 billion before the last major sell-off. Therefore, there might be limited room for further decline once Bitcoin’s price falls below $24,800.
Bitcoin ETF Delay Affects Market, DXY on the Rise
The Bitcoin ETFs delay has caused some investors to leave the market, increasing its overall weakness. Bearish sentiment still dominates, and if new lows are reached, it could lead to further declines.
Additionally, the US dollar index (DXY) has risen above 104 following the release of PCE inflation and jobs data. This increase in the value of the US dollar is putting additional pressure on Bitcoin’s upward movement.
As of now, the price of Bitcoin is at $25,800, reflecting a 1% decrease in the last 24 hours. The lowest and highest prices in the past 24 hours were $25,362 and $26,125, respectively. Moreover, trading volume has decreased over the same period, indicating reduced interest from traders.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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