One hour before the market closed on September 24, 2023, the price of Bitcoin plummeted.
The price fell from $26,500 to $26,148, triggering short-term long liquidation, as COINOTAG previously noted.
Experts predict that options futures contracts on September 29, 2023 will play a key role.
A detailed look at Bitcoin's sudden price drop, market predictions, and expert insights into the potential factors influencing its near-term trajectory.
Overview of Bitcoin price changes
Bitcoin price dropped significantly on Sunday, September 24, 2023, falling from $26,500 to a low of $26,148. It is currently trading at $26,275, down more than -1.5% in 24 hours. A significant break below the previously mentioned support at $26,432 and a daily close below that level could push the price lower further.
Experts' views on Bitcoin's trend
Gideon Wolf, an analyst at COINOTAG, commented on the recent price drop, saying that while short-term long liquidations have been cleared, the $26,432 support level remains crucial. A daily close below this figure could lead to further declines. Lucien Renard, a cryptocurrency analyst, highlighted the significant short liquidations observed on the monthly chart, pointing to the $28,300 range. He highlighted the potential impact of Bitcoin options set on September 29, 2023, which total over $3 billion, suggesting that the 24k P and minimum 30k C options could limit prices to between $25,000 and $29,000.
Market expectations and potential outcomes
If Bitcoin continues to close below the $26,432 support level on a daily basis, market participants could see prices falling back to the $25,000 or even $20,000 threshold. Conversely, if the cryptocurrency maintains above this support level, it could target $28,000 or even $30,000. Bitcoin’s expected movement in the coming days will largely depend on the outcome of the September 29, 2023 options futures contract.
Conclusion: A period of uncertainty and speculation
Bitcoin’s recent price action, coupled with the upcoming launch of futures contracts, paints a scenario filled with speculation and uncertainty. As analysts and market participants await the impact of the September 29 options, it becomes crucial to closely monitor support levels and market indicators. Despite the potential to move both up and down, Bitcoin’s path remains fascinatingly balanced. #BTC #ETH #fdusd
