- Cryptocurrency expert Ran Neuner predicts Bitcoin could hit a low of $20,000.
- Bitcoin’s bearish trend is partially attributed to seasonality and market conditions.
- Bitcoin’s price decreased by 4.6% in the last 24 hours.
Following a period of volatility for Bitcoin
In tandem with the broader cryptocurrency landscape, Bitcoin has been navigating a tumultuous bear market that has erased billions of dollars from its value. This includes instances of price retracements succeeding significant price rallies, as evidenced by the ephemeral surge following Grayscale ETF’s recent triumph.
In the footage, the expert suggested that the extended bearish trend can only be partially attributed to seasonality. He pointed out that sluggish market conditions have compelled investors to retain their capital and cautiously approach cryptocurrency price movements.
Bitcoin experienced a significant downturn in August, momentarily dipping below the $25,000 mark on several trading platforms. The market conditions that triggered this fall persist, as evidenced by the subsequent price stagnation of BTC, which has been fluctuating within the $26,000 – $27,000 range.
The stringent regulatory measures imposed on cryptocurrency institutions by the United States have further exacerbated the performance of the crypto market. Similarly, the U.S. Securities and Exchange Commission hesitancy to greenlight a spot Bitcoin ETF has also negatively impacted the market dynamics. Neuner anticipates that this trend of ETF disapproval will persist until the ultimate deadline in March 2024.
Nonetheless, beyond the anticipation of ETF approval, the cryptocurrency sphere is also eyeing April as a potential period of resurgence, primarily due to the scheduled Bitcoin halving. Traditionally, such halving events have been known to trigger a bullish surge in the market.
The analyst’s short-term chart analysis indicates that Bitcoin’s recent corrective rally has concluded, suggesting potential further depreciation for the cryptocurrency. The analyst further noted that bullish indicators appear to be weakening while bearish momentum is rapidly increasing. Consequently, Bitcoin’s price could plummet to a monthly low of $20,899.
CoinMarketCap data indicates a 4.6% decrease in Bitcoin’s price over the last 24 hours, effectively erasing the gains it experienced following its rise to $28,000 on August 29. Concurrently, cryptocurrency capitalization has seen a 3.65% reduction within the same 24-hour period.
