{"id":36971,"date":"2024-08-30T18:35:51","date_gmt":"2024-08-30T18:35:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-touches-58k-again-as-analysts-share-bearish-forecasts\/"},"modified":"2024-08-30T18:35:51","modified_gmt":"2024-08-30T18:35:51","slug":"bitcoin-touches-58k-again-as-analysts-share-bearish-forecasts","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-touches-58k-again-as-analysts-share-bearish-forecasts\/","title":{"rendered":"Bitcoin touches $58k again as analysts share bearish forecasts"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/shutterstock_2132501507-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/shutterstock_2132501507-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/shutterstock_2132501507-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/shutterstock_2132501507-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">Bitcoin fell to lows of $57,700 on Coinbase as prices dipped during the US trading session.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Analysts predict further weakness is likely, and here\u2019s what they are saying<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin (<a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\">BTC<\/a>) traded around $58,486 across major crypto exchanges. However, the digital asset\u2019s price had touched lows of $57,700 on US-based crypto exchange Coinbase amid fresh selling pressure.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, before this latest dump, crypto analyst Miles Deutscher had shared an observation: the last few weeks have seen prices rise during Asian hours and dip during US trading hours.\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cAsia bids, America dumps,\u201d the analyst<\/span> <a href=\"https:\/\/x.com\/milesdeutscher\/status\/1829495076243828852\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">opined<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Like clockwork.. <a href=\"https:\/\/t.co\/w9LPTlj8VD\">pic.twitter.com\/w9LPTlj8VD<\/a><\/p>\n<p>\u2014 Miles Deutscher (@milesdeutscher) <a href=\"https:\/\/twitter.com\/milesdeutscher\/status\/1829534829366665455?ref_src=twsrc%5Etfw\">August 30, 2024<\/a><\/p>\n<\/blockquote>\n<h2><span style=\"font-weight: 400\">Potential downside to $56k?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">CryptoQuant head of research Julio Moreno suggests the $56k area remains key. If the price falls below this, the analyst sees a further weakness. According to Moreno, Bitcoin\u2019s market cycle indicator has flashed bearish again and BTC risks a deeper correction below the demand zone.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cFrom a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase,\u201d the CryptoQuant analyst noted.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> market cycle indicator is again in BEAR phase (light blue area).<\/p>\n<p>From a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase. <a href=\"https:\/\/t.co\/dsOS9ZSoHZ\">pic.twitter.com\/dsOS9ZSoHZ<\/a><\/p>\n<p>\u2014 Julio Moreno (@jjcmoreno) <a href=\"https:\/\/twitter.com\/jjcmoreno\/status\/1829539960564887878?ref_src=twsrc%5Etfw\">August 30, 2024<\/a><\/p>\n<\/blockquote>\n<h2><span style=\"font-weight: 400\">Could Bitcoin see $40 next?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Altcoin Sherpa is outright bearish on BTC price. The crypto analyst shared a chart that suggests the dip is likely to extend to $40k.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The last time Bitcoin traded at these levels was in January, when prices retreated from above $46k to revisit $39k. That\u2019s before bulls saw BTC skyrocket amid the halving sentiment and spot Bitcoin exchange-traded funds approval to reach the all-time high above $73k.<\/span><\/p>\n<p><span style=\"font-weight: 400\">BTC price is down 12% in the past month and over -21% since its all-time high in March as of 1:30 pm ET on August 30, 2024.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> see you at 40k<\/p>\n<p>here&#8217;s the chart I meant to post but misread <a href=\"https:\/\/t.co\/GHBTqPwXb5\">pic.twitter.com\/GHBTqPwXb5<\/a><\/p>\n<p>\u2014 Altcoin Sherpa (@AltcoinSherpa) <a href=\"https:\/\/twitter.com\/AltcoinSherpa\/status\/1829536808977547475?ref_src=twsrc%5Etfw\">August 30, 2024<\/a><\/p>\n<\/blockquote>\n<h2><span style=\"font-weight: 400\">What about BTC price in September?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Market conditions and events can flip investor sentiment at any time. <\/span><\/p>\n<p><span style=\"font-weight: 400\">However, crypto analyst Ali Martinez suggests September has historically been tough for Bitcoin. This outlook is despite overall projection that the Federal Reserve cutting interest rates could provide tailwinds for risk assets \u2013 including cryptocurrencies.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If you think August was tough for <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>, keep in mind that September often brings negative returns as well. <a href=\"https:\/\/t.co\/vrdQdLcUac\">pic.twitter.com\/vrdQdLcUac<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/1829564105121812929?ref_src=twsrc%5Etfw\">August 30, 2024<\/a><\/p>\n<\/blockquote>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-touches-58k-again-as-analysts-share-bearish-forecasts\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitcoin fell to lows of $57,700 on Coinbase as prices dipped during the US trading session. Analysts predict further weakness is likely, and here\u2019s what they are saying At the time of writing, Bitcoin (BTC) traded around $58,486 across major crypto [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":36972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36971"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=36971"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/36972"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=36971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=36971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=36971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}