CandleFocus Bitcoin Price: is a new crash possible?
2024-10-01
Author: Content Editor
The price of Bitcoin experienced a drop from almost $66,000 to around $63,000, leading to concerns about a potential crash. However, the cryptocurrency saw a small rebound, bringing it close to $64,000. The recent trend of Bitcoin's price was influenced by two factors. Firstly, the collapse of the Tokyo stock exchange, which led to a 4% decline in Bitcoin's price. Additionally, the end of September and the third quarter often result in market declines. The Tokyo stock exchange is showing a rebound, but it is uncertain whether this will continue. The analysis suggests that Bitcoin's price may be in a period of lateralization, with volatility expected on October 12. The behavior of large speculators and the upcoming quarterly reports of major companies could also impact Bitcoin's price. While a downward volatility scenario leading to a collapse is possible, the likelihood is uncertain. The supports for Bitcoin's price are identified at $60,000, $57,000, and $55,000. It is important to note that these are theoretical possibilities, and the future direction of Bitcoin's price remains uncertain.
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