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Crypto analysts warn that the current Bitcoin sell-off could lead to lower lows and potentially threaten to drop below the $45,000 level. According to Tradingview data, the Bitcoin price has dropped more than 12.8% in the last 24 hours, falling to $52,369. Bitcoin was last trading at this level at the end of February 2024.
Notable Statements About Bitcoin
According to Alex Kuptsikevich, a senior market analyst at FXPro, Bitcoin’s downtrend could potentially extend to the $42,000 level. The analyst said:
“At its lowest point, Bitcoin fell below its 50-week moving average. Without strong buyer support, it will fall further and trigger a more active wave of selling, as it did at the end of 2021 and the beginning of 2022. If none of these hold, it is worth preparing for a failure towards $42,000.”
Round psychological numbers like $42,000 often represent important focal points for crypto investors, and price action at these levels can determine Bitcoin’s short-term momentum.
Possible Scenarios
Despite the recent downward pressure, Bitcoin can still recover and avoid printing lower lows. However, according to popular crypto analyst Moon, Bitcoin must decisively reclaim the $51,000 level to avoid further decline. Moon wrote in an August 5 X post:
“Bitcoin must return above support, otherwise we could drop to $45,000.”
According to Kuptsikevich, Bitcoin’s drop of over 20% is in line with previous bull cycle pullbacks and was initially triggered by the failure to break the $70,000 threshold. The senior market analyst added:
“The active pressure on the first cryptocurrency began seven days ago after the failed attempt to break above $70,000 and the descending channel resistance.”
Despite the bleak market outlook, Bitcoin has a significant support level at the psychological boundary of $50,000. According to Coinglass data, if Bitcoin potentially falls below the $50,000 threshold, more than $400 million in cumulative futures short positions will be liquidated. If the Bitcoin price falls below the $49,400 threshold, short liquidations across all exchanges will exceed $520 million.
