Currently, the most critical support levels for Bitcoin are at $52,000 and $46,000, according to a report by ARK Invest.
The latter represents the average on-chain price, highlighted in red on the chart below.
Experts noted that the leading cryptocurrency lacked the strength for a significant rebound after a nearly 9% drop in August. As a result, the average BTC-ETF holder once again faced a “paper” loss, they pointed out.
Experts maintain a bearish outlook on digital gold in the short term.
They highlighted several positive factors:
- low drawdown relative to historical norms;
- minimal liquidations among speculators;
- a favourable macroeconomic environment.
Altcoins
Bitfinex noted that altcoins remain relatively strong amid Bitcoin’s decline. They believe this could indicate a shift in how investors protect their capital during market uncertainty.
Analyst and MN Trading founder Michaël van de Poppe observed a bullish momentum in several tokens.
Feels strange, right?#Altcoins going up day after day.
Some particular ones are doing great, through which we’re starting to show some momentum.
I don’t believe September is going to be worse, I think we’ll gradually accelerate upwards from here.
— Michaël van de Poppe (@CryptoMichNL) September 12, 2024
“I don’t think September will be worse. I assume we’ll gradually move upwards from here,” the expert commented.
Earlier, Bitwise stated that the digital asset market would enter a growth phase in October-November due to the resolution of macroeconomic and political uncertainties in the US.
Standard Chartered concluded that Bitcoin could reach a new record by the end of the year, regardless of the outcome of the US presidential elections.