Bitcoin has been on a wild ride lately, and some experts are worried the crash might not be over yet.
Holding the Line at $60,365
Crypto analyst Ali Martinez says Bitcoin needs to stay above $60,365 to avoid a further drop to $57,000. If it can hold this level, he thinks it could bounce back up to $63,300.
More Downward Pressure Ahead?
Martinez also thinks Bitcoin might see more downward pressure in the short term. He points to a pattern in the market value to realized value (MVRV) ratio, which suggests that every correction from its 90-day average has led to a significant Bitcoin correction.
A Drop to $57,000?
Analyst Justin Bennett agrees that Bitcoin could fall further, potentially reaching $57,000. He’s hoping for a bounce back to $63,200 to get rid of some short positions.
The Job Report’s Impact
The upcoming US Job report on October 4th could be a big deal for Bitcoin. A weak report could trigger a crash, similar to what happened in August when Bitcoin dropped to $54,000. The report will also give us clues about whether the Federal Reserve will cut interest rates this year.
A Bearish Outlook
Veteran trader Peter Brandt is also bearish on Bitcoin. He sees a pattern on the Bitcoin chart that suggests a bearish reversal after its recent uptrend.
A Crash Could Be Good?
On-chain analytics platform Santiment thinks a Bitcoin crash might actually be good for the long term. They say the market is getting less excited about Bitcoin, which could lead to a surprise rally.
Cooling Off Before the Next Rally
Ali Martinez believes Bitcoin is just cooling off before its next rally. He thinks it’s in the “complacency stage” and needs some time to recharge.
So, will Bitcoin crash further, or is this just a temporary dip? Only time will tell, but the next few weeks will be crucial for the cryptocurrency’s future.
