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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction and Analysis: Will the Market Overcome Short-Term Challenges?
Sep 30, 2024 at 04:39 pm
Bitcoin (BTC) is feeling the heat as its price slips nearly 2%, trading around $64,536. The drop follows a significant decline in Japan's Nikkei 225 index.
Bitcoin (BTC) price slipped on Monday morning, following a sharp decline in Japan’s Nikkei 225 index. The cryptocurrency was trading down 1.9% in the past 24 hours at $64,400 (€55,222), according to data from CoinGecko.
The Nikkei 225 fell by 4.6% on Monday amid concerns about potential interest rate hikes following Shigeru Ishiba's recent electoral victory. This news impacted the crypto market, pulling down top altcoins such as Ethereum (ETH), BNB, and meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which experienced losses ranging from 5% to 8%.
BTC has encountered selling pressure despite a solid 9% gain in September, with bulls struggling to keep its price above the $65,000 mark. This downturn comes amid geopolitical tensions, including recent military actions in Israel that have contributed to market unease.
In a recent analysis by Santiment, social sentiment around Bitcoin surged, with 1.8 bullish posts for every bearish one, suggesting that crowd expectations may not align with market movements. Historically, markets tend to move against prevailing sentiments, indicating that the anticipated next all-time high for Bitcoin might be further off than expected.
Popular crypto analyst Ali Martinez commented on potential market movements, suggesting that BTC could retrace to around $60,000 before making a significant leap toward $78,000.
Meanwhile, institutional interest appears to be returning, as indicated by recent inflows into spot Bitcoin ETFs, showing that buyers are capitalizing on the current price dips.
The broader altcoin market didn’t fare much better, with Ethereum and BNB facing 2.4% corrections. However, XRP managed to defy the trend, gaining 5.3% to reach $0.645.
As meme coins enjoyed a surge last week, they now faced sharp corrections, with DOGE and SHIB leading the declines.
Against this backdrop, the Nikkei 225 Index's slide is largely attributed to a strengthening Yen, with Michael Wan, an analyst at Mitsubishi UFJ Financial Group, suggesting that Ishiba's victory could lead to a more hawkish approach from the Bank of Japan. While Ishiba highlighted the need for accommodating monetary policy, uncertainties about his direction remain.
Looking ahead, the crypto market could brace for potential volatility, especially with US Jobs data on the horizon. Many traders are hopeful for a strong Q4 rally, with bullish targets for Bitcoin climbing as high as $100,000 by year-end.
Hope for Q4 RallyMany traders are hopeful for a strong Q4 rally, with bullish targets for Bitcoin climbing as high as $100,000 by year-end.
However, the recent downturn and emerging geopolitical challenges could test this optimism. The coming weeks will be crucial in determining whether crypto can overcome these short-term hurdles and continue its long-term bullish trajectory.
At the time of writing, BTC trades at $64,064 with a 24-hour trading volume of $34,836,939,863. Bitcoin encountered a selling pressure as bulls struggle to maintain its price above the $65,000 mark. This downturn comes amid geopolitical tensions, including recent military actions in Israel that have contributed to market unease.
In a recent analysis by Santiment, social sentiment around Bitcoin surged, with 1.8 bullish posts for every bearish one, suggesting that crowd expectations may not align with market movements. Historically, markets tend to move against prevailing sentiments, indicating that the anticipated next all-time high for Bitcoin might be further off than expected.
Popular crypto analyst Ali Martinez commented on potential market movements, suggesting that BTC could retrace to around $60,000 before making a significant leap toward $78,000.
Meanwhile, institutional interest appears to be returning, as indicated by recent inflows into spot Bitcoin ETFs, showing that buyers are capitalizing on the current price dips.
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