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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Forecast: BTC Price Could Crack $50,000 If This Important Level Does Not Hold

Scott Matherson
Scott Matherson
1 year ago
4 mins read
Bitcoin price prediction

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Bitcoin (BTC) has been on a severe downward trend for the past few months, experiencing multiple price fluctuations amidst broader market volatility. A crypto analyst has predicted that Bitcoin could witness an even steeper drop to $50,000 if its price does not hold this key support level. 

Bitcoin Risks $50,000 Drop If Support Fails

Elja Boom, a crypto analyst took to X (formerly Twitter) on September 5 to discuss the current price trends and market movements of Bitcoin. Boom shared a price chart offering key insights into Bitcoin’s future outlook, indicating that the cryptocurrency’s short term uptrend has likely ended. 

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Bitcoin 1
Source: X

The analyst expects Bitcoin’s price to stay within the range of $54,000 and $54,500. However, if the cryptocurrency fails to hold this crucial support level, its price could witness a significant correction, potentially pushing it down to new lows around $50,000. 

Interestingly, the analyst observed a recurring pattern in Bitcoin’s price action in the last few months. He noticed that Bitcoin has declined significantly during the first five days of each month. The cryptocurrency dropped in the first week of July and August and is witnessing the same bearish performance in September. 

Earlier this month, Bitcoin’s price fell below $60,000, after witnessing strong price declines that dropped its value by over 4%. CoinMarketCap reveals that Bitcoin has increased slightly by 1.2% in the last 24 hours, however bearish sentiment still persists among various market analysts.

Crypto expert, Ali Martinez disclosed recently that Bitcoin could drop as low as $40,600 if it fails to maintain a price above the $51,000 support level. Martinez emphasized that Bitcoin’s 2-month chart is showing a TD Sequential indicator that is presenting a sell signal. This suggests that the cryptocurrency may be gearing up for a major price correction. 

Bitcoin 2
Source: X

Additionally, the analyst has urged traders to keep an eye on a potential price breakout around $68,000. He revealed that until Bitcoin surpassed this key level, its price may continue dipping. 

Could A Bull Run Follow BTC’s Descent Towards $50,000?

Due to Bitcoin’s persistent price corrections, many analysts believe that the cryptocurrency may decline even further before witnessing a price rebound. Michael van de Poppe, a popular crypto analyst, has shared his price forecast for Bitcoin this September. 

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Poppe revealed that the Bitcoin market is currently in a steep correction phase, characterized by widespread liquidations that have failed to trigger a bounce upwards. In light of this, the analyst believes that a drop to $53,000 or even as low as $49,000 could occur for Bitcoin. 

After this downtrend, Poppe believes that a price reversal may be imminent. This bullish sentiment is shared by a crypto analyst, identified as ‘Titan of Crypto,’ who predicts that October may be the month that Bitcoin finally breaks out of its bearish cycle. 

Sharing a price chart tracking Bitcoin’s previous bear cycles and bull runs, the analyst predicts that the cryptocurrency could breakout to $100,000 soon, marking the possible start of a bull run. 

Bitcoin price chart from Tradingview.com
BTC price at $56,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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