Bitcoin Could Dip Below $50,000: Analyst Predicts Further Decline

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Cryptodnes2024/09/09 20:03

By:Cryptodnes

Investors hoping for a turnaround in Bitcoin’s (BTC) price might need to be patient, as recent forecasts suggest more declines ahead.

Analyst Ali Martinez has indicated that Bitcoin could fall further, potentially dropping below the $50,000 level.

Warning! ⚠️

Historically, when #Bitcoin falls below the Realized Price-to-Liveliness Ratio, now at $51,600, it often drops further to its Realized Price — currently at $31,500! pic.twitter.com/J2frRQSiXZ

— Ali (@ali_charts) September 7, 2024

This prediction, shared on X on September 7, is based on Bitcoin’s historical patterns and its current performance relative to the realized price-to-live ratio (RPL).

The RPL ratio, which helps identify potential highs and lows by comparing Bitcoin’s realized price with its activity levels, currently sits around $51,600. Martinez notes that historically, when Bitcoin’s price falls below this ratio, it often leads to a continued decline towards the realized price.

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According to Martinez, if Bitcoin fails to stay above the RPL threshold, it could see prices fall to around $31,500.

This forecast highlights the critical period ahead for Bitcoin, particularly amid a lack of significant news to boost the cryptocurrency market and ongoing economic uncertainty impacting Bitcoin’s performance.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block•2025/02/02 17:11