Bitcoin Price Crashes 10%—Experts Predict Further Decline to $57K

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Bitcoin Price Prediction August Possible Drop to $48k-$53k

The post Bitcoin Price Crashes 10%—Experts Predict Further Decline to $57K appeared first on Coinpedia Fintech News

With the top three US indices falling by 1.5-2.5% on Friday, Bitcoin’s price has also dropped by 4.5%, currently trading at $61,873 with a market cap of $1.21 trillion. This downturn reflects a cautious sentiment among investors, who are opting to wait and watch rather than buy the dip.

On the weekly chart, Bitcoin has experienced a 10% decline, with most of the drop occurring in the last four days. Popular crypto trader Stockmoney Lizards predicts that Bitcoin could dip further in the current market conditions.

Bitcoin Price To Drop Below $$57K

According to Stockmoney Lizards, a daily or weekly close above $61.8k could trigger a short-term reversal, suggesting a potential upward movement in Bitcoin’s price.

#Bitcoin

Update: We are now at the level of support and our first short-term target. A daily / weekly close above 61.8k would likely initiate a short term reversal.

If not, short-term direction is south with a target of 56.8k.

Note: this is all short-term… We believe in a… pic.twitter.com/5mQ8YDrA6h

— Stockmoney Lizards (@StockmoneyL) August 3, 2024

However, if Bitcoin fails to close above this level, the short-term outlook indicates a downward trend, with a target of $56.8k. This prediction highlights the potential volatility in the short-term market, as traders watch these critical price levels closely.

Despite the immediate fluctuations, Stockmoney Lizards remains optimistic about Bitcoin’s long-term prospects. They anticipate a significant reversal in the late third or early fourth quarter of the year. This outlook suggests that while short-term trends may be unpredictable, the broader market conditions could favor a substantial upward movement in Bitcoin’s price later in the year.

Bitcoin ETF Outflows Soar

On Friday, spot Bitcoin ETF outflows reached a high of $237 million, according to Farside Investors. Fidelity’s FBTC saw the largest outflows at $104 million, followed by Ark Invest’s ARKB with $87.7 million. In contrast, only BlackRock’s IBIT and Grayscale’s BTC had net inflows.

These significant outflows happened even after Morgan Stanley announced that qualified clients could invest in Bitcoin ETFs. It appears that global economic factors are currently affecting the market negatively.

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