Bitcoin (BTC) is in a grave crisis downward trend in the last few months, experiencing numerous price fluctuations broader market volatilityThe cryptocurrency analyst predicted that Bitcoin could experience an even deeper decline to $50,000 if its price fails to hold this key support level.

Bitcoin Risks $50,000 Drop If Support Fails

Cryptocurrency analyst Elja Boom took to X (formerly Twitter) on September 5 to to discuss Bitcoin’s current price trends and market movements. Boom shared a price chart offering key insights into Bitcoin’s future prospects, indicating that the cryptocurrency’s short-term uptrend has likely come to an end.

The analyst expects Bitcoin price to stay within the range of $54,000 to $54,500. However, if the cryptocurrency fails to maintain this level, key level of supportits price may undergo a significant correction, which could potentially push it to up-to-date lows approximately $50,000.

Interestingly, the analyst noticed a recurring pattern in Bitcoin’s price action over the past few months. He noted that Bitcoin fell significantly during the first five days of each month. The cryptocurrency fell in the first week of July and August and a similar trend is currently being observed bear performance in September.

At the beginning of this month, Bitcoin price drops below $60,000after experiencing massive price declines that reduced its value by over 4%. CoinMarketCap reveals that Bitcoin’s value is slightly up 1.2% over the past 24 hours, however, bearish sentiment remains among various market analysts.

Cryptocurrency Expert Ali Martinez revealed recently it was Bitcoin may fall as high as $40,600 if the price fails to stay above the $51,000 support level. Martinez highlighted that the two-month chart of Bitcoin shows the TD Sequential indicator, which is presenting a sell signal. This suggests that the cryptocurrency may be preparing for massive price correction.

In addition, the analyst has persuaded Traders should keep an eye on potential price breakout around $68,000. He revealed that until Bitcoin surpasses this key level, its price could continue to decline.

Could growth occur after BTC falls towards $50,000?

Due to the constant price corrections of Bitcoin, many analysts believe that the cryptocurrency it could fall even more before the price spike. Michael van de Poppe, a popular cryptocurrency analyst, shared his bitcoin price forecast for september.

Kid revealed that the Bitcoin market is currently in a phase of acute correction, characterized by general liquidations, which failed to trigger an upward rebound. In delicate of this, the analyst believes that a drop to $53,000 or even $49,000 could occur for Bitcoin.

After this downtrend, Poppe believes that a price reversal may be inevitable. This bullish sentiment is shared by the crypto analyst, dubbed the “Titan of Crypto,” who predicts October could be the month when Bitcoin finally breaks its downtrend.

Sharing a price chart tracking Bitcoin’s previous bear and boom cycles, the analyst predicts that cryptocurrency could reach $100,000 soon, which could mean the beginning of a bull market.

Featured image created with Dall.E, chart from Tradingview.com