The post Bitcoin News Today : BTC Price Faces Its Worst Month, How Low Will it Go? appeared first on Coinpedia Fintech News

Bitcoin (BTC) is facing its worst month of the year, dropping over 12% in the past 24 hours to trade around $51,000 early in the New York session on Monday. With over $1.1 billion liquidated from crypto-leveraged markets, web3 investors are feeling a wave of despair and uncertainty.

The Bitcoin Fear and Greed Index has fallen to 26%, indicating a significant fear of further market declines.

As fear and uncertainty loom large, we delve into the data to uncover potential clues about Bitcoin’s future.

Key Support Levels

Veteran trader Peter Brandt points out that Bitcoin’s recent price action is similar to the 2015-2017 halving bull cycle, which led to one of the biggest crypto bull markets to date.

Technically, Bitcoin is expected to find strong support around $47,140, where nearly 900,000 wallets bought about half a million BTC units. Historically, August and September have been tough months for Bitcoin, with average losses of 7.82% and 5.58%, respectively. However, October and November have been the best months, with average gains of 22% and 46%.

The recent Bitcoin crash is reminiscent of the 2020 Black Thursday event, triggered by the COVID-19 pandemic. Notably, Bitcoin rebounded in a V-shaped recovery, leading to a significant rally.

Market Predictions

Amid the ongoing market uncertainty due to the Middle East crisis, Wharton’s Jeremy Siegel predicts that the U.S. Federal Reserve will make a 75 basis point emergency interest rate cut, followed by another 75 basis point cut next month.

On-chain data shows that some whales are taking advantage of the recent drop to accumulate more coins, anticipating a market rebound.

Bitcoin has been on a rollercoaster. Will history repeat itself, or is this time different?

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