Bitcoin traders see $54K BTC price or lower amid Middle East tensions
2024.10.02 08:24
Bitcoin (BTC) faces a trip to $54,000 or lower as fresh geopolitical upheaval takes its toll on BTC price strength.
Bitcoin traders are lining up sub-$60,000 BTC price targets after BTC/USD dropped more than 5% in 24 hours.
BTC price targets extend below $60,000
Market nerves over events in the Middle East have more than made themselves felt in crypto. The latest data from Cointelegraph Markets Pro and TradingView shows the total crypto market cap dropping 7.2% over two days.
Total crypto market cap 1-day chart. Source: TradingView
Bitcoin expressed its reaction to the turmoil in classic style, nearing $60,000 support before reversing.
For some traders, however, the consensus is that the worst is yet to come.
“Volume going up with price going down usually signifies a strong downtrend,” popular trader Roman warned in his latest analysis on X.
“More confluence for my idea that we will revisit 55-57k area before a potential reversal. Regardless, will be looking for long setups along the way.”
BTC/USD 1-hour chart with volume data. Source: TradingView
Such levels have not been seen on BTC/USD in two weeks, but even lower targets are now also in play.
For popular trader and analyst Toni Ghinea, there is reason to believe that Bitcoin will not only break $60,000, but $54,000.
“I said $BTC will make the BULL TRAP above 58k,” he summarized, predicting a “bearish” month of October to come.
As Cointelegraph reported, expectations previously overwhelmingly favored major gains coming this month, with October, on average, seeing 23% BTC price upside.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Risk asset “bigger picture” intact
Continuing, others warned that any additional geopolitical tension could add to existing risk-asset pressures.
Related: 3 signs that Bitcoin’s Q3 close was bullish
In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital noted that crypto had been “hit much harder” than oil and equities.
“We seem to have found some support at the 60k level, but further escalation could push us much lower, possibly to the 55k level,” it forecast.
“Middle East geopolitics will steal the limelight for now, but the shallow sell-off suggests that the market remains well bid for risk assets. This minor setback shouldn’t distract from the bigger picture.”
Also more confident in the longer-term outlook is Crypto trader, analyst and entrepreneur Michaël van de Poppe.
In some of his latest X updates, he said that the BTC price flush had reduced order book liquidity.
“I think we’re fairly close to the low, maybe have another sweep of the low at $60K and reverse from here,” he concluded.
“Markets went slightly deeper than I expected, but they are still going according to plan.”
BTC/USDT 4-hour chart. Source: Michaël van de Poppe/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
