Bitcoin on the brink: 2024 threatens to crash to 40,000 dollars! The forecast update

10,000 dollars lost in just 2 weeks – and the price continues to fall: Bitcoin (BTC) is moving into bearish territory, a crash to 40,000 dollars is imminent. Forecast: Will the trend reversal succeed in the 4th quarter, as a renowned analyst predicts?

Bitcoin: Bull market device out of sync

Minus 3.08 percent in the past month, minus 6.18 percent in the last 7 days, minus 2.1 percent since yesterday – a total loss of more than 10,000 dollars within 14 days: Bitcoin (BTC) is getting ready for an extended correction. After losing the most recent monthly high of 64,524 dollars at the end of August, Bitcoin appears weak and continues to retreat.

Trading legend Peter L. Brandt, commodity trader with more than 50 years of professional experience, : Bitcoin has just formed a so-called megaphone pattern on the charts. This is characterized by at least 2 higher highs and 2 lower lows. Brandt warns: “A massive push to new.” [Allzeithochs] is necessary to get this bull market going again.” Otherwise, the Bitcoin price could test the area around 46,000 dollars again. The crypto currency is currently trading at 55,740 dollars – the expected setback would therefore equate to another loss of around 10,000 dollars.

Brandt is by no means alone with his pessimistic forecast. Chart expert Nicholas Merten also draws a pessimistic conclusion, but admits another: “It doesn't look good.” Many crypto strategies warn of losses. The key interest rate cuts announced by the US Federal Reserve for September 18 are likely to be the deciding factor. These will have both a short- and long-term impact on the Bitcoin price.

Analysts from Bitfinex, one of the oldest and most reputable crypto exchanges, add in a forecast: Bitcoin could subsequently plummet by up to 20 percent and fall to 40,000 dollars (minus 28.2 percent). These are “uncertain times” for traders. But what does that mean for small investors? Should you keep your feet still until the bulls start trampling again? Or should you think about selling to limit your losses?

Bitcoin: Will things get better in the fourth quarter?

Important here: Everything is still in the green zone, the upward trend in Bitcoin is still intact. Traders know: In recent years, August and September usually the weakest months with the biggest losses. In bull markets, coin prices tend to explode only in the fourth and final quarter. This is what most crypto analysts are hoping for.

“September is always pretty bad when you look at Bitcoin over the years.” “But it's the 4th quarter when Bitcoin tends to do pretty well,” says widely quoted industry observer Jamie Coutts in a new forecast. Crypto investors would immediately think about it. Zooming out, however, the conditions are in place for a rally at the end of the year. His forecast: “Unless there are major escalations or unforeseen geopolitical events, I think Q4 will still be a pretty strong quarter.”

Bitcoin is outpacing the stock market

There are stocks – and there is Bitcoin. New statistics now show: If you add up how many hours BTC has been able to be traded since the first Bitcoin exchange, the cryptocurrency is even “older” than the stock market! Background: In contrast to traditional financial markets, the crypto markets know no end of work, no breaks, no holidays. Bitcoin can be bought and sold around the clock, 24 hours a day, 365 days a year.

Since March 2010, Bitcoin has therefore managed to achieve an incredible 123,774 active trading hours. For comparison: the US stock market has achieved “only” 100,737 hours since August 1971, for example Bitcoin expert Cory Bates pointed out.

Disclaimer:
The author and/or associated persons or companies own cryptocoins, including Bitcoins. This article represents an expression of opinion and not investment advice.