As tensions between Israel and Iran escalate, Bitcoin and other cryptocurrencies have faced significant declines, with investors fleeing to safer assets.
While Bitcoin recently plummeted to $60,000, analyst Ali Martinez’s prediction of a rebound after hitting $57,000 has caught the market's attention.
Could this be a temporary dip before another rally? Discover the expert insights and key trends shaping the future of crypto prices.
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Widespread Decline in Cryptocurrencies Due to Negative Market Forces
On October 2, 2024, the prices of major cryptocurrencies, including Bitcoin (BTC), saw a widespread drop.
The key factors behind this price decline are believed to include "an overbought market due to weeks of price increases in various cryptocurrencies" and "Iran's ballistic missile attack on Israel."
The Israel situation escalated last night with reports indicating that "Iran was preparing to launch ballistic missile attacks on Israel."
As of today, October 2, it has been reported that "Iran fired more than 180 ballistic missiles at Israel, with an Israeli military spokesperson suggesting potential retaliation."
The decline in cryptocurrency prices is thought to be a result of investors moving their assets to U.S. bonds and the dollar in response to the deteriorating situation in Israel.
This added to the existing downward pressure in a correction phase, triggering a significant drop.
Bitcoin had recovered to around $66,000 as of September 27, but during subsequent corrections, it fell to $63,000. With Bitcoin unable to break through the 100-day moving average, this latest news caused the price to plummet further to $60,000.
Will Bitcoin Fall to $57,000 Before Rebounding?
Looking at the overall situation, Bitcoin may continue to decline in the near term. However, such developments had been anticipated during Bitcoin's earlier price surge, with some experts predicting that "after a short-term decline, prices will begin to rise again."
One notable analyst who predicted Bitcoin's decline is Ali Martinez (@ali_charts), a well-known figure on X (Twitter) with over 73,000 followers.
On September 23, 2024, Martinez posted a forecast that "Bitcoin will drop to $57,000 before heading towards $78,000."
He has continued to regularly repost this prediction, including today, October 2. Although this prediction was made before Bitcoin entered its current correction phase, the price action has so far aligned with Martinez’s expectations, drawing attention to his analysis.
While concerns about the escalating Israel situation and the upcoming U.S. presidential election remain high, many in the cryptocurrency sector still expect further price increases.
Some analysts predict that "the crypto market will see sustained price growth over the next three months."
>> Click here to read the latest article on price projections
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