Bitcoin price- Bitcoin Correction Forecast: What to Expect Below the $50,000 Mark
Bitcoin price– As Bitcoin struggles to hold its ground, there’s growing speculation that it could correct below the $50,000 mark this weekend. Historically, September has been a bearish month for cryptocurrencies, adding to the uncertainty surrounding Bitcoin’s price movement.
Recent Whale Activity and Its Impact on Bitcoin
Recent data reveals that significant whale activity could be influencing Bitcoin’s price. A notable whale address recently sold 100 BTC, worth over $5.3 million, locking in approximately $206,000 in profit. Furthermore, a large number of addresses—836,000 in total—purchased around 402,800 BTC, valued at over $21 billion, at prices ranging between $51,113 and $54,303. These addresses are expected to sell near the breakeven point, potentially adding to the downward pressure on Bitcoin.
Arthur Hayes Predicts Bitcoin Could Dip Below $50,000
Arthur Hayes, the former CEO of BitMEX, has warned that Bitcoin might see a correction below the $50,000 psychological level as early as this weekend. Hayes mentioned in a Sept. 6 post on X (formerly Twitter) that he has taken a short position on Bitcoin, predicting a move below $50,000. Hayes’s prediction highlights the growing concerns about Bitcoin’s price trajectory.
Technical Analysis and Support Levels
Bitcoin recently lost its critical $55,000 support level, trading at $54,340 as of early Sept. 7. The cryptocurrency has experienced a nearly 8% decline over the past week. Analysts from Bitfinex have indicated that a correction below $50,000 could occur before a potential bull rally, based on historical market cycles and percentage returns.
Institutional Activity and Market Sentiment
Adding to the market’s volatility, Galaxy Digital deposited $78.5 million worth of BTC to Coinbase Prime on Sept. 7. This institutional activity could influence short-term Bitcoin prices and contribute to further downward pressure.
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