Popular Analyst Predicts Bitcoin (BTC) Price Could Fall Below $15,000

Bitcoin (BTC) value tumbled practically 8% within the final 24 hours because the U.S. greenback index continues to maneuver above 110, making the crypto and equities markets weak forward of the Fed‘s FOMC assembly on September 20-21. Fashionable crypto analyst Rekt Capital predicts BTC value might fall beneath $13,900, and to $11,500 in an excessive situation.

Historic Knowledge Signifies Bitcoin (BTC) Worth Can Fall Additional

Within the month-to-month timeframe, the Bitcoin value is presently struggling to surpass the $20,000 stage, displaying a weak point. The $20,000-$23,350 vary will principally determine bears and bulls right here. The worth actions in July and August point out the distinction within the buy-side stress, with $20,000 as assist.

Nevertheless, value motion in September has been so weak and suggests $20,000 is now turning right into a resistance stage. If the month ends with Bitcoin (BTC) value beneath the $20,000 stage, the following assist ranges are $17,165 and $13,900.

Traditionally, the Bitcoin (BTC) value varieties a backside at or beneath the 200-weekly transferring common (WMA) after a Dying Cross. The post-Dying Cross retracements have been within the vary of -42% to -73%.

Due to this fact, contemplating the historic post-Dying Cross retracements and assist ranges, the Bitcoin value to backside at round $13,900. Within the excessive situation, the BTC value to backside at $11,500.

Because the BTC value is already beneath the 200-WMA and psychological stage of $20,000, the draw back appears most definitely. Nevertheless, there’s a huge distinction in market cap measurement, liquidity, and institutional and retail adoption of Bitcoin now as in comparison with earlier occasions.

Bitcoin bottomed 547 days earlier than the Bitcoin Halving in 2015 and 517 days earlier than the Bitcoin Halving in 2018. Due to this fact, if Bitcoin goes to backside 517-547 days earlier than the upcoming April 2024 Halving, then the underside will happen in This autumn this 12 months.

Macros Impacting BTC Worth

Regardless of a rising variety of new each day addresses, the Bitcoin value continues to dive beneath $20,000.

The Bitcoin (BTC) value will principally rely on the Fed charge hike on September 21. Wall Road specialists similar to Goldman Sachs predict a 75 bps charge hike in September and 50 bps charge hikes in November and December. In keeping with the CME FedWatch Tool, the likelihood of a 75 bps charge hike is 80%.

At present, the BTC value is buying and selling above the $19,000 stage after recovering practically 4% from the 24-hour backside at $18,390. If the U.S. greenback index stays close to 110, the BTC value can be beneath stress.