With the opening of US markets, the leading cryptocurrency quickly declined and altcoins turned red. The drop intensified as it continued. Thus, the daily low was set at $53,346. Moreover, at the time of writing, the price was at $53,570. So, how much longer can the decline continue?
How Low Will Bitcoin Go?
Last month, we saw prices in the $49,000 range, and then BTC tested $65,000. After the resistance test failed, BTC attempted a dip test. Now, it is losing support levels one by one. The $55,000 level was also lost, opening the door to prices in the $53,000 range.
Crypto analyst Jelle now says that BTC will bottom out in its current channel by October and start to recover.
“Bitcoin 
$78,340 is moving towards a new test at the lowest levels of the channel.
If the sharp movements in September repeat in the 4th quarter, we will likely see the monthly low around this area and start rising full throttle by mid-October.
It is always darkest before the dawn.”
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If the monthly low at the $52,000 level holds, we can say BTC has already completed its path. It will only need to drop another thousand dollars.
BTC Bottom Target
The second analyst, TraderXO, is concerned about the third test of the annual mid-range. Investor appetite is weak, stocks are falling as the Fed is about to start cutting rates, and deeper lows are very likely. Although it is devastating for altcoin investors, BTC could experience a larger drop to prices in the $40,000 range.
“The important annual mid-level is being tested for the third time…
And so far, there has been very little reaction…
Weekly:
– The 12/21 weekly EMAs are closer to crossing… it seems inevitable.
– The weekly RSI is below 50.
Trade based on what the chart tells you… not on what you hope or your macro assumptions.”
Although macroeconomic data would normally be supportive for cryptocurrencies, charts do not form based on just a few factors. The increase in global liquidity with the Fed’s rate cuts will create the necessary appetite for a rise. Until that day, weakness may continue.
