Between September 29 and October 3, Bitcoin’s price fell by $6,000, hitting a two-week low of $59,860. Based on recent price movements, it seems this downward trend might continue.
The latest drop was influenced by tensions in the Middle East, causing Bitcoin to lose key support levels: the 50-day exponential moving average (EMA) at $61,318 and the 100-day EMA at $61,438.
A Bitcoin analyst, AlphaBTC, mentioned on October 3 that Bitcoin still seems to be going down. They were referring to Bitcoin’s fall from its peak of $66,071 on September 29, which erased some of the gains made earlier when the price bounced back from a low of $52,546 on September 6.
AlphaBTC added that ongoing geopolitical issues and signs of economic weakness in the U.S. could push Bitcoin’s price even lower.
Another analyst, Crypto Rover, agreed, saying that Bitcoin traders would be in trouble if the price falls below the $60,000 support level.
Earlier, AlphaBTC shared two possible scenarios for Bitcoin’s short-term price. The first is a positive outcome where Bitcoin recovers from a “double-bottom” pattern around $61,370 and rises toward $70,000. The second is a negative outcome where Bitcoin breaks the $60,000 support and drops to $58,000.
Right now, AlphaBTC’s short-term prediction for Bitcoin’s price is between $57,500 and $61,300.
Other analysts believe Bitcoin could see bigger drops, with price targets ranging from $58,000 to as low as $52,000. For example, independent trader Emperor Keo Xplus sees $52,000 as a possible target, while Crypto Patel says if the $60,000 level is lost, the next likely move is toward $55,000.
Conclusion: Bitcoin is currently facing significant downward pressure, with analysts predicting further drops if it falls below $60,000. While there is still some hope for recovery, the market is leaning toward a bearish outlook in the short term.
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