Bitcoin’s market price has dipped to its lowest level since early August, when it fell below $50,000 for the first time since the launch of spot Bitcoin ETFs in the US, which initially sparked significant demand.
BTC had previously bounced back from a similar crash, even rising to $65,000 weeks later. However, bears seem to have regained control, with the asset down 7% in the past week.
What might it take for Bitcoin to recover, and when could that happen? Here are three current BTC price predictions based on market conditions:
- $57,000 – Bitcoin Miner’s Electricity Cost Indicator Analyst Astronomer Zero from X.com predicted this level before the US jobs report caused Bitcoin’s price to drop another $4,000. According to Zero, this might be a temporary setback. His analysis of miner capitulation and rebounds suggests that the market bottom could be near. The hash ribbons, a historically accurate bottom signal, recently flashed, indicating a potential buying opportunity.
- $53,480 – Fibonacci Retracement This figure represents a 25% decline from BTC’s peak of nearly $74,000 in March. Such a retracement is common in financial markets. If Bitcoin adheres to this pattern, the market may have passed the bottom and could be poised for another rally.
- $50,000 – Recession-Induced Macro Bear Market BitMEX co-founder Arthur Hayes suggests that if the bear market in stocks deepens or a US recession occurs, Bitcoin could drop to $50,000. Despite this pessimistic view, Hayes recently closed his short position and hinted at a potential rally. Trader Peter Brandt warns that both the depth and duration of corrections can affect investor sentiment, with prolonged declines often causing more distress than sharp drops.
As of now, Bitcoin’s price hasn’t been lower than it was on February 25, 2024.
