Popular Analyst Predicts Bitcoin (BTC) Price Could Fall Below $15,000
Bitcoin (BTC) price tumbled nearly 8% in the last 24 hours as the U.S. dollar index continues to move above 110, making the crypto and equities markets weak ahead of the Fed‘s FOMC meeting on September 20-21. Popular crypto analyst Rekt Capital predicts BTC price could fall below $13,900, and to $11,500 in an extreme scenario.
Historical Data Indicates Bitcoin (BTC) Price Can Fall Further
In the monthly timeframe, the Bitcoin price is currently struggling to surpass the $20,000 level, showing a weakness. The $20,000-$23,350 range will mostly decide bears and bulls here. The price movements in July and August indicate the difference in the buy-side pressure, with $20,000 as support.
However, price movement in September has been so weak and suggests $20,000 is now turning into a resistance level. If the month ends with Bitcoin (BTC) price below the $20,000 level, the next support levels are $17,165 and $13,900.
Historically, the Bitcoin (BTC) price forms a bottom at or below the 200-weekly moving average (WMA) after a Death Cross. The post-Death Cross retracements have been in the range of -42% to -73%.
Therefore, considering the historical post-Death Cross retracements and support levels, the Bitcoin price to bottom at around $13,900. In the extreme scenario, the BTC price to bottom at $11,500.
As the BTC price is already below the 200-WMA and psychological level of $20,000, the downside seems most likely. However, there is a massive difference in market cap size, liquidity, and institutional and retail adoption of Bitcoin now as compared to earlier times.
Bitcoin bottomed 547 days before the Bitcoin Halving in 2015 and 517 days before the Bitcoin Halving in 2018. Therefore, if Bitcoin is going to bottom 517-547 days before the upcoming April 2024 Halving, then the bottom will occur in Q4 this year.
Macros Impacting BTC Price
Despite a growing number of new daily addresses, the Bitcoin price continues to dive below $20,000.
The Bitcoin (BTC) price will mostly depend on the Fed rate hike on September 21. Wall Street experts such as Goldman Sachs predict a 75 bps rate hike in September and 50 bps rate hikes in November and December. According to the CME FedWatch Tool, the probability of a 75 bps rate hike is 80%.
Currently, the BTC price is trading above the $19,000 level after recovering nearly 4% from the 24-hour bottom at $18,390. If the U.S. dollar index remains near 110, the BTC price will be under pressure.
- Bitcoin, Ether ETF Data Signals Huge Selloff Sentiment Ahead of Fed Jerome Powell Speech Today
- Trump’s WLFI Confirms Debit Card & Retail App Launch Amid Partnership With Bithumb
- Vitalik Buterin Addresses Key Myths Over Coinbase L2 Base Custody Concerns
- 21Shares Spot DOGE ETF Secures DTCC Listing as Expert Predicts Dogecoin Rally
- Just-In: WisdomTree Registers Top 20 Crypto Index Fund with XRP, Solana, Cardano
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
