Another Crypto Market Dip Strikes, What Are the Factors and When Will the Bottom Print Before Bullish Upturn?
cryptonewsland.com 28 August 2024 04:38, UTC - The crypto market experiences another brutal dip taking BTC price to below $60,000.
- Many analysts expect a bullish reversal once this correction is complete.
- Analyst who predicted the last dip expects an even lower low of $44,000-$38,000 this time.
Bitcoin (BTC) and popular altcoins like Ethereum (ETH), Dogecoin (DOGE), and many others experienced a brutal intense market dip that seems to have come out of nowhere. Bitcoin in particular fell to $58,000 and currently stands at $59,000. The dip has shaken the greater crypto community with the Crypto Fear and Greed Index sinking to a score of 30 pointing to Fear sentiment.
Causes for Market Dump
While the market saw incredibly high liquidations of $313 million where $282 million was lost in long orders and $31.36 million lost in short orders. Popular crypto analysts scramble to find reasons behind the dump. Was the cause central to a healthy crypto correction, or is it a fallout from Durov’s arrest in France?
Silver-tongued Doctor Profit signaled his readers to load up when BTC price hit $61,750, but the price of Bitcoin dipped further than that. The last time Doctor Profit missed the mark of the bottom of the dip, another analyst’s accurate prediction took the spotlight. Analyst Rafaela Rigo predicted the last dip, and while her target wasn’t met, her prediction was much closer.
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RED towards $44k-$38k $BTC Downtrend In progress
. https://t.co/jY8FCQ9dm4 pic.twitter.com/Xo28sQlpuX— ⭐RᗩᖴᗩEᒪᗩ ⭐ (@RAFAELA_RIGO_) August 28, 2024
How Low Will This Dump Go?
Rigo only uses technical analysis to make her prediction while Doctor Profit factors in Phychocolical analysis as well. Rigo suggests that this cycle’s bull market top has already been set at $73,000. She believes that the TAs are bearish and predicts that the current dip will take the price of Bitcoin between $44,000 to $38,000 and expects newer lows in 2025.
Meanwhile, others attribute BTC price to have dipped due to the uncertainty around the Telegram CEO’s arrest and the significant cash outflows from US Spot Bitcoin and Ether ETFs. Most analysts still hold hope for the crypto market to rally and set new ATHs following the US Presidential Elections later this year.
