In the last 7 days, Bitcoin has dropped by at least 5.8%. At the beginning of the month, it was nearly $58,964.54, but now it stands at a low of $56,124. Many investors are wondering if it will plunge further. According to a recent Bitcoin price prediction from a cryptocurrency expert, there is a possibility of further decline. However, the expert also suggests that a market reversal could be on the horizon, offering hope to investors. Let’s dive in! Bitcoin’s Recent FallBitcoin has recently suffered a sharp decline. In a post, shared in X, Van de Poppe stated that Bitcoin recently took out liquidity below a key support level. In the same post, he shared his prediction that the market would drop further.
#Bitcoin continues to fall and we were assuming it would.
Took the liquidity beneath the recent low and doesn’t continue to fall, although I think we will.
Perhaps we’ll take the liquidity at $54.3K and reverse upwards, target then is $57.3K. pic.twitter.com/w0KXnuQdyd
— Michaël van de Poppe (@CryptoMichNL) September 6, 2024
Key Bitcoin Reversal Point to Watch The analyst suggested that the present downward momentum would push the Bitcoin market to a level of $54.3k. Poppe highlighted the level as a key reversal point to keep an eye on. Bitcoin Upward Target The analyst also predicted that if the market experiences a reversal at the said level, it could be driven to a high of $57.3K by that momentum.In conclusion, while Bitcoin continues to struggle, a reversal may be on the horizon. It is important for Bitcoin investors to closely watch the predicted reversal point of $54.3K.More By This Author:XRP Community Alleges SEC Of Manipulating Crypto MarketXRP Price Prediction: Bull Run Expected In Just 30 Days Bitcoin Slumps To $58,000 As The Market Sinks In Bloodbath
