Bitcoin (BTC) has faced severe downward trends in recent months with notable price fluctuations. A crypto analyst, Elja Boom, predicts that Bitcoin might drop to $50,000 if it fails to maintain the key support level of $54,000-$54,500.
Boom noticed a recurring pattern of declines in Bitcoin's price during the first five days of each month. Previously, Bitcoin's price fell below $60,000 and has slightly recovered by 1.2% in the last 24 hours.
Another analyst, Ali Martinez, indicated that Bitcoin might drop to as low as $40,600 if it fails to stay above the $51,000 support level. Martinez mentioned a TD Sequential indicator suggesting a major price correction could be on the horizon.
Michael van de Poppe also shared a bleak short-term forecast but indicated a price reversal might follow the current downtrend. Poppe believes Bitcoin might drop to $53,000 or $49,000 before rebounding.
An analyst known as 'Titan of Crypto' added a more optimistic outlook, suggesting October could see Bitcoin breaking out of its bearish cycle, predicting a potential breakout to $100,000.
