Bitcoin Price Prediction as BTC Falls to Lowest Level in 2024 – Where is the Next Support?
Bitcoin price has experienced a notable decline, trading at $42,825 with a sharp decrease of nearly 7% on Saturday, marking its lowest level in 2024. This downturn comes amidst growing skepticism from Bitcoin’s leadership about its acceptance as a mainstream form of money.
Concurrently, the cryptocurrency landscape is witnessing a competitive battle among issuers of spot bitcoin Exchange-Traded Funds (ETFs), primarily centered around fee structures. Notably, Bitwise has emerged as a leader in Bitcoin ETF flows on the first day, signaling a shifting dynamic in the market.
This recent price dip raises crucial questions about Bitcoin’s next support level and the potential pathways for its recovery.
BlackRock CEO Larry Fink, while acknowledging Bitcoin’s value as an asset class, expressed skepticism about its viability as a regular transactional currency. In a recent interview, Fink stated, “I don’t believe it’s ever going to be a currency,” viewing Bitcoin more as an alternative for wealth storage rather than a replacement for national currencies.
