Bitcoin price visibly dropped after rising to $65,000 and has fallen 10% in the last 3 days. Despite these declines, market analysts continue to provide optimistic explanations. One analyst reassured followers with a positive statement.
Analyst’s Bitcoin Commentary
A closely followed market analyst says Bitcoin (BTC) is in the final days of its multi-month correction before its last parabolic rally in the current cycle. The analyst, known as Credible Crypto, stated on X that Bitcoin could drop to $50,000.
The analyst shared a chart suggesting Bitcoin will trade around $50,000 before starting a parabolic rally to new record levels in the coming weeks (above).
Medium to high timeframe outlook for the coming weeks. Almost bull fam.
According to the analyst’s chart, Bitcoin could rise to $100,000 by the end of September. Additionally, the analyst predicts Bitcoin will start moving towards a peak after surpassing $100,000.
However, the analyst also mentions that the recent months’ mostly sideways price movement is an illusion and Bitcoin will likely reach much higher prices in the coming months.
The only takeaway is that all the ‘declines’ in the last five to six months were corrective (non-trending) moves or ‘reaccumulation’ before the next rise. Micro/short-term movements in this range are insignificant on a large scale (unless you’re an active trader like me).
Current Bitcoin Price
The recent strengthening of the downtrend in Bitcoin price caused it to fall below $59,000. As of the time of writing, BTC is trading at $58,873 after a 4.76% drop in the last 24 hours.
Following this drop, BTC’s market cap fell to $1.164 trillion. Meanwhile, investors looking to capitalize on the decline made strong purchases at these levels, with trading volume increasing by 46% to nearly $46 billion.
The decline in BTC price is thought to be significantly influenced by news that Kamala Harris might tax unrealized gains if she wins the presidential election.
