Bitcoin Price Prediction as Bears Take Control – Will BTC Fall Below $60,000?
Bitcoin (BTC) started the new week on a bearish note, dropping significantly overnight from $64,380 to $62,650. BTC has lost over 6% in the past week and is currently trading around $61,090.
The decline can be attributed to increased selling pressure from 1.9 million addresses that bought Bitcoin between $63,490 and $64,930, likely to lock in profits or limit losses. Additionally, miners have sold 30,000 BTC, valued at $2 billion, since June, adding to the market downturn.
The bullish US dollar, supported by stronger-than-expected US PMI data released on Friday, is another factor weighing on BTC prices. Speculation that the Fed may cut interest rates in September could limit deeper losses for BTC.
Analyst Checkmate suggests that Bitcoin’s current period of calm is temporary, with potential catalysts likely to drive prices higher in the future.
Analyst Checkmate highlighted on X today that Bitcoin has entered a period of calm. According to the analyst, this quiet phase is expected to be short-lived, as markets typically require a catalyst to push prices higher.
The current decline is seen as temporary, not a permanent trend. Analyst Checkmate believes that declines can serve as strong catalysts for Bitcoin, often signaling overlooked opportunities.
#Bitcoin has gone to sleep.
It doesn't stay this way for long.
The hard part about markets…
…is to go higher, we often need a catalyst…
…going lower is one of the most powerful catalysts…
…and it leaves a lot of people behind when it does. pic.twitter.com/V9G4P71ULz
— _Checkmate
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