The Bitcoin market correction, which has been ongoing for the past six months, is currently around 23%, which isn\u2019t too deep historically.<\/p>\n
However, analysts are growing increasingly bearish the longer this downtrend continues.<\/p>\n
In a post on X on Sept. 5, trader \u2018Crypto Louca\u2019 predicted that Bitcoin price will continue to retreat this year, falling into a price zone between $36,000 and $46,000.<\/p>\n
$BTC<\/a> Good probability we hit that zone before end of year<\/p>\n 36-46k pic.twitter.com\/pPtRkSVUCz<\/a><\/p>\n \u2014 Crypto Louca (@Cryptolouca) September 5, 2024<\/a><\/p>\n\n Analyst IncomeSharks examined the market picture for this year and stated\u00a0that if September isn\u2019t the local bottom, \u201cthen it\u2019s probably time to move away from this structure.\u201d<\/p>\n They predicted another move below $50,000 before upward momentum in October, cautioning that if this doesn\u2019t happen, the outlook could be bleak for months ahead.<\/p>\n When asked if he was becoming bearish, the analysts responded:<\/p>\n \u201cNope, still neutral. If it wasn\u2019t an election year I\u2019d be bearish.\u201d<\/p>\n CryptoQuant head of research Julio Moreno said that Bitcoin price was down \u201csimply because there is no demand growth.\u201d<\/p>\n \u201cAll valuation metrics are in bearish territory,\u201d he said before adding that seasonality is usually positive in the fourth quarter, \u201cbut it also depends on the overall economic and Bitcoin market conditions.\u201d<\/p>\n #Bitcoin<\/a> price is down simply because there is no demand growth. Small<\/p>\n Indeed, demand is declining right now.<\/p>\n Basically all valuation metrics are in bearish territory. pic.twitter.com\/kmwb3pvpUc<\/a><\/p>\n \u2014 Julio Moreno (@jjcmoreno) September 5, 2024<\/a><\/p>\n\n Analyst and chart guru Peter Brandt identified<\/a> the chart pattern as an \u201cinverted expanding triangle\u201d or a \u201cmegaphone.\u201d<\/p>\n He said that a test of the lower boundary of this formation would be a fall to around $46,000.<\/p>\n \u201cA massive thrust into new ATHs is required to get this bull market back on track,\u201d he said before adding that selling is stronger than buying in this pattern.<\/p>\n However, this price structure, also called a \u201cdescending broadening wedge,\u201d is a bullish reversal chart pattern formed by two diverging bullish lines. For momentum to shift upwards, BTC would have to reclaim the upper boundary line and break resistance there.<\/p>\n Analyst \u2018Rekt Capital\u2019 observed<\/a> that Bitcoin created a new resistance level and \u201cneeds to rebound soon to shake off this potential breakdown confirmation before the new weekly candle close.\u201d<\/p>\n BTC fell below $56,000 briefly during early trading in Asia on Friday. It was changing hands for $56,664 at the time of writing but sentiment<\/a> remains weak and the asset is teetering on the lower support bands of this six-month trading channel.<\/p>\n The post Attack of The Bears: Analysts Paint Bleak Short-Term Bitcoin Price Predictions<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Bitcoin market correction, which has been ongoing for the past six months, is currently around 23%, which isn\u2019t too deep historically. However, analysts are growing increasingly bearish the longer this downtrend continues. In a post on X on Sept. 5, trader \u2018Crypto Louca\u2019 predicted that Bitcoin price will continue to retreat this year, falling […]<\/p>\n","protected":false},"author":0,"featured_media":4052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4051"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4051"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4052"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin Bears Are Back<\/h2>\n
Needing A Recovery Bounce<\/h2>\n