Bitcoin (BTC) Price Prediction: Saylor Says 'Believe in Bitcoin' Amid Market Bloodbath
- WBOYOriginal
- 2024-08-06 00:59:121073browse
Cryptocurrencies were hit hard by a wave of risk aversion in global markets on Monday, with Bitcoin (BTC) falling more than 16% at one point.
Cryptocurrencies came under pressure on Monday as a wave of risk aversion hit global markets, with Bitcoin falling more than 16% at one stage. The declines come as a global stock sell-off deepens, amid concerns about the economy.
Total liquidations in the last 24 hours have risen to $1.07 billion, with longs responsible for $908.51 million of the wipeout, CoinGlass data shows.
Amid the sell-off, Michael Saylor, the chairman and cofounder of MicroStrategy, sent out an optimistic message on Monday with a simple tweet: “Believe in Bitcoin.”
The message from Saylor comes at a crucial time as the market grapples with fear and uncertainty.
Believe in #Bitcoin pic.twitter.com/QSEH1s93sg
Bitcoin price crashed to a low of $49,050 in early Monday trading, continuing its sell-off for the fourth straight day. At its lowest on Monday, the BTC price crash brought the cryptocurrency back to levels last seen in February.
Saylor's message comes as recent developments suggest that investors may need to maintain their confidence despite short-term market fluctuations.
What analysts and indicators say about BTC priceNow, BTC is trading at $52,861, down 12.35% in the last 24 hours, and is set to culminate in a 24% weekly drop—the worst since the period when the FTX exchange imploded.
Since hitting an all-time high of $73,798 in mid-March, Bitcoin has been battered by a range of factors.
As noted by Ali Martinez, a crypto analyst, historically, August and September have been the worst months for Bitcoin's price performance, with average losses of -7.82% and -5.58%, respectively.
While Bitcoin has lost the crucial $57,000 support, CryptoQuant highlights the possibility of a drop to $40,000 as traders are facing their highest negative unrealized profit margin since November 2022.
On the other hand, Ali highlighted the possibility of a rebound, noting that the 30-day Bitcoin MVRV Ratio has not been this low since November 2022, which marked a bottom and an excellent buying opportunity.
The TD Sequential, Ali adds, also presents a buy signal on the Bitcoin hourly chart, anticipating a rebound to $54,000 or $56,000.
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