Krutika Adani
Bitcoin has seen the formation of a death cross on its daily charts.
Bitcoin has recently recovered from a fall in which its prices crashed from $70,000 to $49,100 within a week from 29 July to 5 August this month.
We don’t expect prices to go below $55,000 because of the strong support that that zone. In the worst-case scenario, prices may fall to $50,000 levels.
If Bitcoin’s ETF inflows continue at the current rate, Bitcoin could recover faster. As per crypto expert Benjamin Cowen, if Bitcoin’s price goes above $62,000, then the crash might be avoided.
Despite all market corrections, Bitcoin might form a new ATH in the latter part of 2024.