How Will Bitcoin (BTC), Which Is Dominated by the Fall, Move From Now On? Two Analysis Firms Announce the Level That Will Determine a…
Bitcoin (BTC), which broke a new record by surpassing $124,000 in mid-August, has been experiencing sharp corrections since then.
At this point, the danger is not over for Bitcoin, which has not been able to escape its downward trend.
Cryptocurrency analysis firm Matrixport said Bitcoin is at risk of further decline.
Bitcoin faces further decline risks!
Matrixport stated in its latest report that Bitcoin could see further declines after falling to the $106,000-$108,000 range.
Seasonal factors and uncertainty regarding interest rate cuts will further increase price volatility, Matrixport said.
Analysts said that BTC has been facing intense resistance from seasonal factors since the end of July.
Matrixport noted that the current price range is a critical technical level, suggesting that volatility could increase ahead of the release of US employment data.
The report also noted that although US interest rate cuts are generally considered a bullish trigger for cryptocurrencies, the rate cut process is unlikely to proceed smoothly, so a rise is not guaranteed.
Bitcoin at a Critical Turning Point!
Apart from Matrixport, crypto analysis company 10X Research also shared its Bitcoin predictions.
10X Research stated that Bitcoin’s $108,000 level is a critical turning point for the next trend.
At this point, analysts noted that Bitcoin is trading around the $108,000 level, a critical point that could determine whether the bull run continues or a downtrend begins.
Analysts said that Bitcoin’s price action over the next two weeks could determine whether it will trend upwards or downwards.
Analysts noted that profit-taking by long-term investors has increased, while ETF inflows have stagnated and volatility has increased. Analysts noted that these factors will be important in determining Bitcoin’s trajectory, and also pointed out that key on-chain support levels and technical indicators do not show a clear directional trend.
Analysts also noted that upcoming US labor market data and the Fed’s interest rate decision on September 17 remain significant risk factors.
Therefore, 10X Research concluded that the investment risk in Bitcoin is higher than ever, adding that current market conditions will be a key test that separates professional and amateur investors.
*This is not investment advice.
