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Different crypto analysts’ comments on the market provide investors with an opportunity to view the current situation from various perspectives. However, it is true that strategies based purely on analyst opinions generally result in losses for investors. This is because they cannot foresee the future and can affect market psychology either positively or negatively. So, let’s look at the markets from different angles.
Will Bitcoin Drop to $40,000?
An analyst with the pseudonym Mister Crypto recently issued a warning to those expecting deeper dips just two hours ago. Despite intermediate drops, he highlights the consolidation phases that have followed the continually rising trend of BTC since the beginning of 2023.
The analyst compares those anticipating a $40,000 drop to those who expected $30,000 at the start of 2024, suggesting that we may soon see attempts above $65,000, maintaining the upward trend line as support.
Will Bitcoin Rise?
Crypto Tony, in an analysis published a few hours ago (noting this detail for the currency of the assessment), implied that in a possible drop, BTC could bottom between $53,400 and $52,400. He emphasized that reclaiming $57,000 on a daily close could lead to more stable upward movements.
We shared the third analyst Bob Loukas’s intermediate cycle dip target and turnaround expectation on September 6. As seen in the below graph, BTC hit its bottom on the 63rd day and started to turn around from there. So, what’s next? In our previous assessment, we highlighted the numbers 65, 42, and 57 days. Now, we should see an intermediate recovery period between 24-51 days.
This implies that we could reach a new peak in the $64,000 to $74,000 region within a few weeks. Of course, this graph alone is not useful because we have significant events such as incoming inflation reports and the interest rate decision announcement in 7 days. Besides, last-minute surprises (big news) are always possible.
Our last analyst, Daan Crypto Trades, is pleased with the move away from the $53,000 support level. He could be convinced of a rise with daily closes above $56,500. Tony, as mentioned above, emphasized the need for daily closes above $57,000.
So, how high will BTC reach with closes above $56,500? Daan targets the 200EMA at $59,310 and the 200MA at $63,920. If there’s a drop? The target for the analyst remains at $53,000.
