Bitcoin’s market price on crypto exchanges has recently fallen to its lowest price since the early August massacre, dropping below $50,000. This marks a significant decrease since the spot Bitcoin ETFs were greenlighted in the US and started to attract demand. Despite a previous crash in August, when BTC recovered and even reached $65,000, it seems that the bears are currently in control, with the asset experiencing a 7% decrease in the past week.
X.com crypto analyst Astronomer Zero has made a prediction regarding Bitcoin’s price. According to Zero, the recent dip in price after the US jobs report can be considered a minor setback that is likely to be temporary. The analyst identified a pattern related to miner capitulation and rebounds, suggesting that the market bottom for Bitcoin might be approaching. Zero explained that the hash ribbons, which indicate a buy signal each time there is a cross up, are linked to increases in hash rate following significant drops. This decrease represents a 25% drop from BTC’s peak price of nearly $74,000 in March, aligning with a common Fibonacci retracement percentage.
BitMEX co-founder Arthur Hayes has offered a more pessimistic prediction for Bitcoin’s price. In his worst-case scenario, Hayes suggests that if the bear market in stocks continues to expand or if a US recession occurs, Bitcoin could see a further drop to $50,000. However, Hayes recently adjusted his strategy by closing his short position and hinting at a potential rally, indicating a shift in his outlook.
The current market conditions for Bitcoin are volatile, with conflicting predictions from analysts and experts. While Astronomer Zero sees potential for a rebound based on historical patterns related to miner capitulation, Arthur Hayes warns of a further decline in price if external economic factors worsen. As investors navigate through these uncertainties, it is crucial to monitor market trends and developments closely to make informed decisions regarding Bitcoin investments.