The Bitcoin price rose by a fraction of a percentage in the last 24 hours to trade at $54,916 as of 03:46 a.m. EST on trading volume that soared 42% to $22 billion.
There may be worse to come before things get much better, according to crypto analyst Michaël van de Poppe.
He sees BTC plunging to as low as $45,000 before rate cuts from the Federal Reserve, a weakening US economy, and liquidity injections from China help bring about “the biggest bull cycle ever.”
Bitcoin Price Prediction: BTC Could Sustain The Bearish Trend
The Bitcoin price has been on a downward trend in September, transitioning to a bearish phase, breaking from the $59,000-$62,000 resistance zone. BTC breached the yellow ascending trend line, indicating a shift from an upward trend to a downward trend.
The recent downward trend has also forced the price of Bitcoin to trade below both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the current price correction.
Moreover, the Relative Strength Index (RSI) seems to be rebounding from the 30-oversold region as it soars towards the neutral zone, currently at 41, which indicates that buyers are now preparing to buy at this point.
The Fair Value Gap (FVG) between $45,000 and $50,000 remains a long-term target for a continued bearish move.
BTCUSDT Chart Analysis (Source: Tradingview)
If the bearish trend continues, Bitcoin could sink lower to $45,000.
However, if the bulls stage a bullish trend reversal, BTC could soar above the $62,000 resistance as they target the $69,000 resistance.
As the Bitcoin price bulls remain uncertain, investors are rushing to buy The Meme Games (MGMES) , which has less than a day remaining in its presale.
The Meme Games Offers Last Chance To Buy One Day Before Launch
The Meme Games, which has raised more than $442K, introduces an Olympic-style competition to the meme coin space, featuring iconic internet memes such as Dogecoin, Pepe, Dogwifhat, Brett, and Turbo.
Investors can back one of these five meme coin athletes in a virtual competition by purchasing MGMES tokens. If your chosen meme wins, as determined randomly through blockchain technology, you’ll receive a 25% bonus on your initial investment.
Such a unique concept rewards presale buyers with token bonuses for winning events, which adds an exciting competitive element.
Selecting a meme athlete takes place randomly and is verified by blockchain technology, which ensures fairness.
Token holders can also earn passively from the project’s staking mechanism by buying and staking $MGMES for an impressive annual percentage yield (APY) of 443%.
According to 99Bitcoin, a prominent YouTube channel with over 706K subscribers, $MGMES could soar 100X after its launch tomorrow.
Buy $MGMES tokens for $0.00945 each from the official website here using ETH, BNB, USDT, or a bank card. Buy now to win a 25% bonus on your investment.
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