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On August 4th, the collapse in the Japanese economy triggered a significant price drop in Bitcoin. Although the BTC price recovered slightly to surpass $65,000, the situation did not stabilize. As of today, Bitcoin continues to trade below $60,000, with three analysts providing important insights on the matter.
Analysts’ Bitcoin Commentary
Three analysts, known for their past comments, emphasized their views on Bitcoin’s downward price movement. First, renowned analyst Ali Martinez addressed Bitcoin investors, noting that the main trend line is at $68,000 and that the downward movement could continue until this level is broken.
Next, Moon, who gained prominence during the last bull season, highlighted significant levels for BTC. Moon pointed to the region between $52,250 and $50,647 as the last area to consider for buying BTC at a low price.
In the shared chart, Moon indicated that BTC touched the upper formation line (resistance) twice and the lower formation line four times, showing time-dependent candlesticks that indicated sharp price movements.
According to the analyst, each process triggered over 20% price movement, occurring within 20 to 40 days.
Lastly, Michale van de Poppe, one of the most followed names in the market, also indicated a potential downward movement. Poppe noted that a correction is happening in the market. Despite the liquidity areas being cleared during the correction, the expected upward movement has not yet occurred.
Due to the lack of an upward movement, Poppe suggested that the price could drop to $53,000 or even $49,000, emphasizing that it is still early in September.
0.1 Bitcoin Value
Amidst all this market activity and analyst commentary, Bitcoin’s price moved into a positive region. As of the time of writing, BTC rose above $58,200 after a 0.67% increase in the last 24 hours, having been below $57,000 earlier.
The price increase is thought to be influenced by a statement from a Fed official. After the price rise, the market cap increased from $1.111 trillion to $1.150 trillion, while the 24-hour trading volume remained above $35 billion after a 33.5% increase.
