- Bitcoin fell to a low of $57,700 on Coinbase as prices slid during U.S. trading hours.
- Analysts expect further weakness, and here’s what they are saying.
At the time of writing, Bitcoin (BTC) was trading around $58,486 on major crypto exchanges. However, the digital asset briefly dropped to $57,700 on the U.S.-based exchange Coinbase amid fresh selling pressure. Prior to this latest decline, crypto analyst Miles Deutscher noted a recurring pattern: price tends to rise during Asian trading hours and fall during U.S. trading hours. He summarized the behavior succinctly as “Asia bids, America sells.”
Like clockwork.. pic.twitter.com/w9LPTlj8VD
— Miles Deutscher (@milesdeutscher) August 30, 2024
Could downside reach $56,000?
Julio Moreno, head of research at CryptoQuant, warned that the $56,000 area remains a key level. If Bitcoin breaks below that zone, he believes downside risk will increase. Moreno pointed out that CryptoQuant’s market cycle indicator has moved back into a bear phase, and from a valuation perspective a breach of $56,000 would raise the odds of a deeper correction and a move below demand zones.
#Bitcoin market cycle indicator is again in BEAR phase (light blue area).
From a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase. pic.twitter.com/dsOS9ZSoHZ
— Julio Moreno (@jjcmoreno) August 30, 2024
Will Bitcoin revisit $40,000?
Some observers, including the crypto commentator Altcoin Sherpa, have a bearish outlook and shared charts suggesting BTC could fall as low as $40,000. The last time Bitcoin traded around that level was in January, when the price dropped from about $46,000 down toward $39,000 before the subsequent bull run that pushed BTC to a new all-time high above $73,000 amid halving excitement and approval of Bitcoin ETFs.
Over the past month, Bitcoin’s price declined roughly 12%, and it is down more than 21% from its all-time high reached in March (figures as of 1:30 p.m. ET on August 30, 2024).
$BTC see you at 40k
here’s the chart I meant to post but misread pic.twitter.com/GHBTqPwXb5
— Altcoin Sherpa (@AltcoinSherpa) August 30, 2024
What about Bitcoin’s outlook for September?
Market conditions and news events can quickly shift investor sentiment, making short-term forecasts uncertain. Crypto analyst Ali Martinez noted that September has historically been a challenging month for Bitcoin, often producing negative returns. That seasonal pattern can persist even when macro expectations—such as potential Federal Reserve rate cuts—are generally seen as supportive for risk assets, including cryptocurrencies.
If you think August was tough for #Bitcoin, keep in mind that September often brings negative returns as well. pic.twitter.com/vrdQdLcUac
— Ali (@ali_charts) August 30, 2024
In summary, Bitcoin’s recent dip to $57,700 highlights persistent selling pressure during U.S. hours and raises the prospect of further declines if key support around $56,000 fails. Analysts differ on the depth of any correction—some warn of a drop to $40,000—while others emphasize that broader market catalysts and seasonal trends will determine whether the weakness continues into September.