The cryptocurrency market has undergone a massive correction, with the global market cap falling 14% in the last 24 hours to $1.94 trillion. Bitcoin (BTC) has fallen to its lowest level since late February 2024.
The original crypto is down by nearly 12% in the last 24 hours, 23.6% in the weekly charts, 21.3% in the 14-day charts, and more than 6% over the previous month.
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Cryptocurrency Market Correction and Bitcoin’s Future
Numerous political and economic factors likely contributed to the recent market catastrophe. Whether the US Federal Reserve would lower interest rates in September as traders and investors had predicted is still up in the air.
In addition, the Japanese stock market has suffered substantially in the last few days, recording its biggest losses in more than three decades.
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Bitcoin Predicted to Reclaim $70,000
According to the analysts at CoinCodex, BTC may hit $70,745 on Aug. 11, 2024. Reaching this price level will entail a rally of about 33.5% from current levels.
CoinCodex analysts anticipate BTC to continue rallying throughout this month, hitting a new all-time high of $80,224 on Aug. 25, 2024. Reaching $80,224 from current levels will translate to a rally of over 51%.
Changelly also presents a bullish outlook for Bitcoin. Their analysts expect BTC to rally over the next few days, hitting $70,024 on Aug. 8, 2024. The platform predicts BTC to hit a new high of $81,919 on Aug. 31, 2024.
Economic & Political Barriers to Market Growth
Despite the bullish forecasts, the current state of affairs, economically and politically, may present a significant barrier to the stock and crypto markets.
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BTC may hit a new high, but it is unlikely to do so this quickly. The escalating geopolitical tension in the Middle East also presents a sticky situation for economic growth.