Analysts foresee a September Bitcoin correction below $50,000 due to historic downside volatility, a possible US rate cut, and the current bearish trend. With Bitcoin hovering around $56,100 and the 200-day SMA at risk of turning bearish, market sentiment appears fearful, hinting at a near-term dip.
Despite cautious optimism from experts anticipating a $100K-$150K price range by 2024, the looming economic uncertainties pose challenges. The recent rise in crypto prices on weak US jobs data suggests a large rate cut, potentially impacting Bitcoin's trajectory.
Traders are advised to monitor the market closely amid fears of an August-like growth scare and increased volatility, with key support levels at $50,000 and $42,000 in focus.
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