Bitcoin Price Prediction: On The Descent As Bears Bite

• The Bitcoin Price Is Down By 3% Over the Past 24 Hours To $45475 As Bears Enter The Market
• Outlook Not Looking Too Good Short Term As Further Falls Expected
• Instability In the Broader Crypto Market Continues To Spook Investors

The Bitcoin Price experienced a sudden retreat over the past 24 hours with the price dipping by 3% and well below the $46000 level. What seemed to be a bullish turn over the weekend has now turned quite bearish with other major cryptos also seeing large drops in their prices.

It seems that the current instability in the crypto market with a rapidly worsening economic situation overall has begun to really spook investors. The Bitcoin price had reached the $48300 level on 19 September but has now taken a considerable hit with further falls expected over the short term.

The latest economic figure to thrash Bitcoin and other cryptos such as Ethereum and Cardano was ECB President Christine Lagarde. She said cryptocurrencies were ‘not currencies but highly speculative and suspicious. This cannot have done any good to the crypto space with yet another big gun sounding alarm bells over crypto in general.

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Short Term Prediction For Bitcoin Price: More Downside Expected As Bears Enter The Market

The Bitcoin price seems to be heading for a further downside as the crypto market situation worsens. Although BTC is only down by about 3% over the past 24 hours, there appears to be further momentum for a continued descent.

However, if a bullish scenario takes control of the market, the Bitcoin price should once again regain the $48K level on the back of further buying pressure. If that level of resistance is broken, then BTC would probably make another push for the $50K mark although that would be highly unlikely with the current scenario.

A bearish thesis is currently more likely and if selling pressure persists, then the Bitcoin price would probably continue a descent to settle at around the $44K level. If support levels fail, then BTC would even descend further as a sell off might precipitate another crash.

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Long Term Price Prediction For BTC: Still Bullish Although The Big Rise May Take Longer Than Expected

The Bitcoin price is currently experiencing a retracement although within the context of the broader crypto market, this should not impact long term predictions much. It is worth nothing that BTC has appreciated considerably since its July 20 swing low of $29,600. The fall on September has impeded the rise forward however.

Several analysts continue to predict a Bitcoin price of between $65K and $100K by the end of the year. We have not seen such bullish sentiment since April so it may take a while before the big push recommences.

Where to Buy Bitcoin

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• Binance
The other platform where you can buy Bitcoin is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.

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