Bitcoin (BTC) climbed to an all-time high of $124,128 earlier this month, on Aug. 14. BTC’s price has fallen by more than 10% since its peak. According to CoinCodex, Bitcoin’s price has faced a drop of 1.4% in the last 24 hours, 1.4% over the last week, 6.6% in the 14-day charts, and 5.9% over the previous month. Despite the price correction, BTC is still up by 87.8% since August 2024.
Will Bitcoin’s Price Continue To Drop?
Bitcoin’s price has seen a gradual decline over the last two weeks, consistently registering lower lows. The pattern suggests BTC could continue to dip over the coming days.
Bitcoin’s price drop may have been triggered by increased profit-taking after the asset climbed to a new all-time high. The rally earlier this month was likely due to lower CPI (Consumer Price Index) figures for the month of July. The trajectory changed after higher PPI (Producer Price Index) numbers were reported.
One whale sold 24,000 Bitcoin on Sunday, worth approximately $2.4 billion. The sale led to a substantial spike in selling pressure. The whale may have been an OG investor from the Satoshi era, when the price of one BTC was $10 or lower.
Also Read: Bitcoin Losing Shine? Investors Rush to New Asset
The market picked up steam after Federal Reserve Chair Jerome Powell delivered a dovish speech after the Jackson Hole meeting. There is a high chance that the Federal Reserve will cut interest rates next month. A rate cut may lead to a surge in risky investments. Bitcoin (BTC) and the larger cryptocurrency market could highly benefit from such a scenario.
The current dip may be due to September being right around the corner. September has historically been a bearish month for Bitcoin. Investors may be taking precautions before the cursed month approaches. A rate cut in September could give some cushioning to any possible volatility.