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Bitcoin (BTC) value tumbled almost 8% within the final 24 hours because the U.S. greenback index continues to maneuver above 110, making the crypto and equities markets weak forward of the Fed‘s FOMC assembly on September 20-21. Popular crypto analyst Rekt Capital predicts BTC value may fall beneath $13,900, and to $11,500 in an excessive state of affairs.

Historical Data Indicates Bitcoin (BTC) Price Can Fall Further

In the month-to-month timeframe, the Bitcoin value is at present struggling to surpass the $20,000 degree, exhibiting a weak spot. The $20,000-$23,350 vary will largely resolve bears and bulls right here. The value actions in July and August point out the distinction within the buy-side strain, with $20,000 as assist.

However, price movement in September has been so weak and suggests $20,000 is now turning right into a resistance degree. If the month ends with Bitcoin (BTC) value beneath the $20,000 degree, the subsequent assist ranges are $17,165 and $13,900.

Historically, the Bitcoin (BTC) value varieties a backside at or beneath the 200-weekly shifting common (WMA) after a Death Cross. The post-Death Cross retracements have been within the vary of -42% to -73%.

Therefore, contemplating the historic post-Death Cross retracements and assist ranges, the Bitcoin value to backside at round $13,900. In the acute state of affairs, the BTC value to backside at $11,500.

As the BTC value is already beneath the 200-WMA and psychological degree of $20,000, the draw back appears more than likely. However, there’s a huge distinction in market cap measurement, liquidity, and institutional and retail adoption of Bitcoin now as in comparison with earlier instances.

Bitcoin bottomed 547 days earlier than the Bitcoin Halving in 2015 and 517 days earlier than the Bitcoin Halving in 2018. Therefore, if Bitcoin goes to backside 517-547 days earlier than the upcoming April 2024 Halving, then the underside will happen in This autumn this 12 months.

Macros Impacting BTC Price

Despite a growing number of new daily addresses, the Bitcoin value continues to dive beneath $20,000.

The Bitcoin (BTC) value will largely rely on the Fed charge hike on September 21. Wall Street specialists comparable to Goldman Sachs predict a 75 bps rate hike in September and 50 bps charge hikes in November and December. According to the CME FedWatch Tool, the chance of a 75 bps charge hike is 80%.

Currently, the BTC value is buying and selling above the $19,000 degree after recovering almost 4% from the 24-hour backside at $18,390. If the U.S. greenback index stays close to 110, the BTC value might be underneath strain.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is at present masking all the most recent updates and developments within the crypto business.

The introduced content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.