Why Analysts Predict Yet More Falls for BTC

What are the Bitcoin (BTC) predictions given by investors, and why do many believe the cryptocurrency has not yet completed its fall?

After the 12% fall in Bitcoin (BTC) price, some investors believe that more fall is yet to come. What levels will Bitcoin visit?

Renowned Bitcoin Analysts Predict $23,500

The Bitcoin analyst, who goes by the username Doctor Profit on X (Twitter), gave a $23,500 target for BTC. He gave the following arguments:

• A small liquidity pool at $27,000
• The liquidity pool coincides with the 50-weekly Exponential Moving Average (EMA) and 200-daily EMA.
• Psychological reasoning states that September has been historically the worst month for Bitcoin

Later, Doctor Profit boldly claimed:

“The chart itself, the liquidity, the psychology, and the BTC cycle are all pointing out in the lower direction. We will see $23,500 region, no matter what”

Another analyst, Inmortal, supported the prediction of a dip near $23,500. According to Inmortal, it will be the last dip for BTC. Moreover, over 48% of participants in a Devchart poll believe that the Bitcoin price will drop below $26,000.

Many members of the crypto community explain the potential for a further fall in BTC by the fact that the cryptocurrency, in many respects, repeats the movements of the previous cycle. 

An X (Twitter) user called Mags explained:

We’re now observing something similar as price has lost the bull market support. If we follow the 2019-style bull run (excluding black swan events), then price might continue ranging between $22,000 and $30,000 for the rest of 2023.

Recovery could potentially begin in 2024, with a possible flip of the bull market support around February.

Analyst Michael van de Poppe, in turn, recalled the cyclical behavior of Bitcoin. In his opinion, the transition of the cryptocurrency to the growth phase can be realized in a few months. Recall that the upcoming halvings event sets the cyclical movement of Bitcoin. The next halving event is expected to happen in Spring 2024.

A positive prediction for Bitcoin was given by the manager of Cane Island Alternative Advisors and the author of books about cryptocurrency, Timothy Peterson.

He wrote:

I have a lot of fundamental data that says $BTC should be priced in the $30s right now.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here