BTC Today: Experts Predict It Will Drop to the $50,000 Range, Check Out the Review!

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Bittime - Bitcoin, a well-known crypto asset, has experienced a long and winding journey since its emergence in 2009. Characterized by fantastic price increases and drastic drops, Bitcoin has always attracted the attention of investors and the media.

In early 2024, Bitcoin reached its highest price of around $80,000. However, since then, the price of Bitcoin has continued to decline and is now hovering around $60,000. One of the factors predicted to bring Bitcoin to lower levels is a prediction from Michael Novogratz, CEO of Galaxy Digital.

Expert Description

Quoted from Cryprorank, Michael Novogratz, one of the CEOs of Galaxy Digital predicts that Bitcoin (BTC) will experience a price decline and reach around $50,000. These predictions are based on several factors, including:

1. The Fed's interest rate increase

The Fed is predicted to raise interest rates several times in 2024 to reduce inflation. This may cause investors to switch to safer assets, such as the US dollar, and abandon riskier assets such as Bitcoin.

2. Correlation of Bitcoin with the Stock Market

Bitcoin shows an increasingly strong correlation with the stock market. If the stock market undergoes a correction, Bitcoin will likely follow suit.

3. Decrease in Bitcoin Trading Volume

Bitcoin trading volume has decreased significantly in recent months. This shows that investor interest in Bitcoin is starting to wane.

Although Novogratz predicts a decline in Bitcoin prices, he remains optimistic about Bitcoin's long-term future. He believes that Bitcoin will rise again once the Fed completes its rate hike cycle.

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Further Analysis

• Market Sentiment: Market sentiment towards Bitcoin is currently bearish. This can be seen from the decline in Bitcoin prices and trading volume.
• Technical Analysis: Technical analysis shows that Bitcoin may continue to fall in the near future. There are several support levels to pay attention to, namely $50,000, $40,000, and $30,000.
• Fundamental Factors: Bitcoin's fundamental factors, such as the number of users and hash rate, are still showing growth. This shows that Bitcoin has the potential to rise in the long term.

Bitcoin price today

Source: Bittime

Based on today's Bittime market, Friday 1 March 2024, the price of USDT was observed to have decreased by 0.44 percent in the last 24 hours. Currently the price of USDT to IDR is IDR 978,387,190

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Conclusion

Novogratz's prediction about Bitcoin's price decline is worth considering by investors. Investors need to be careful and carry out their own analysis before making investment decisions.

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  for Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.