Bitcoin Price Dips Below Key Trendline, Analysts Eye Potential Correction Below $55,000

Bitcoin's (BTC) price has fallen below a crucial growth trajectory line based on previous Bitcoin halving cycles, according to crypto research platform Ecoinometrics.
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August 12, 2024
Dean Fankhauser

Dean has an economics and startup background which led him to create Bitcompare. He primarly writes opinion pieces for Bitcompare. He's also been a guest on BBC World, and interviewed by The Guardian and many other publications.

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Bitcoin's (BTC) price has fallen below a crucial growth trajectory line based on previous Bitcoin halving cycles, according to crypto research platform Ecoinometrics. This key trendline is around $63,000, and recovering above it could put Bitcoin back on track to reach new highs.

Ecoinometrics suggests that if Bitcoin follows the same trajectory seen during previous halving cycles, it could potentially reach over $140,000 during the cycle top in 2025.

Potential Retest of $55,000 Before Further Upside

Pseudonymous trader Crypto Bullet believes that Bitcoin price could still correct below $55,000, based on the upcoming Aug. 14 release of the Consumer Price Index (CPI). A higher-than-expected CPI reading could lead to another correction.

However, Bitcoin miner reserves have fallen to 1.8 million BTC, which is lower than miner reserves at the beginning of March when Bitcoin hit its all-time high, noted verified CryptoQuant author Binhdangg. Decreasing miner reserves suggest less upcoming Bitcoin sell pressure, as miners rely on selling Bitcoin for operations costs.

Confirmation Above $60,600 Needed for More Upward Momentum

Popular crypto analyst Rekt Capital believes that Bitcoin needs a confirmation above $60,600 for more upward momentum. The analyst suggests that Bitcoin is doing all the right things to confirm $60,600 as support, positioning price for a revisit of $65,000+ over time.

Bitcoin Price Dips Below Key Trendline, Analysts Eye Potential Correction Below $55,000

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Bitcoin's (BTC) price has fallen below a crucial growth trajectory line based on previous Bitcoin halving cycles, according to crypto research platform Ecoinometrics. This key trendline is around $63,000, and recovering above it could put Bitcoin back on track to reach new highs.

Ecoinometrics suggests that if Bitcoin follows the same trajectory seen during previous halving cycles, it could potentially reach over $140,000 during the cycle top in 2025.

Potential Retest of $55,000 Before Further Upside

Pseudonymous trader Crypto Bullet believes that Bitcoin price could still correct below $55,000, based on the upcoming Aug. 14 release of the Consumer Price Index (CPI). A higher-than-expected CPI reading could lead to another correction.

However, Bitcoin miner reserves have fallen to 1.8 million BTC, which is lower than miner reserves at the beginning of March when Bitcoin hit its all-time high, noted verified CryptoQuant author Binhdangg. Decreasing miner reserves suggest less upcoming Bitcoin sell pressure, as miners rely on selling Bitcoin for operations costs.

Confirmation Above $60,600 Needed for More Upward Momentum

Popular crypto analyst Rekt Capital believes that Bitcoin needs a confirmation above $60,600 for more upward momentum. The analyst suggests that Bitcoin is doing all the right things to confirm $60,600 as support, positioning price for a revisit of $65,000+ over time.

Dean Fankhauser

Dean has an economics and startup background which led him to create Bitcompare. He primarly writes opinion pieces for Bitcompare. He's also been a guest on BBC World, and interviewed by The Guardian and many other publications.

Bitcoin's (BTC) price has fallen below a crucial growth trajectory line based on previous Bitcoin halving cycles, according to crypto research platform Ecoinometrics. This key trendline is around $63,000, and recovering above it could put Bitcoin back on track to reach new highs.

Ecoinometrics suggests that if Bitcoin follows the same trajectory seen during previous halving cycles, it could potentially reach over $140,000 during the cycle top in 2025.

Potential Retest of $55,000 Before Further Upside

Pseudonymous trader Crypto Bullet believes that Bitcoin price could still correct below $55,000, based on the upcoming Aug. 14 release of the Consumer Price Index (CPI). A higher-than-expected CPI reading could lead to another correction.

However, Bitcoin miner reserves have fallen to 1.8 million BTC, which is lower than miner reserves at the beginning of March when Bitcoin hit its all-time high, noted verified CryptoQuant author Binhdangg. Decreasing miner reserves suggest less upcoming Bitcoin sell pressure, as miners rely on selling Bitcoin for operations costs.

Confirmation Above $60,600 Needed for More Upward Momentum

Popular crypto analyst Rekt Capital believes that Bitcoin needs a confirmation above $60,600 for more upward momentum. The analyst suggests that Bitcoin is doing all the right things to confirm $60,600 as support, positioning price for a revisit of $65,000+ over time.

Written by
Dean Fankhauser