What is Bitcoin's lowest price in 2024? Here's an analyst's prediction

Bittime - Bitcoin's lowest price in 2024, according to crypto market analysts. Could BTC reach $65,000? Find out more about the latest analysis and influencing factors.

Bitcoin (BTC) price has experienced significant fluctuations in 2024, with major corrections leaving many investors wondering about its potential price bottom. After reaching a local high of $73,600 at the end of September, Bitcoin price has declined by more than 6%, creating a new support range around $68,000 to $70,000. 

Some analysts predict that if this support range fails to hold, BTC could bottom out around $65,000 or even lower.

Bitcoin Price Forecast Below $65,000

Prominent analysts, such as Michael van de Poppe, see a chance of Bitcoin price dropping to levels between $64,000 and $65,000 in the near future. According to Poppe, if these levels are unable to hold, BTC could even drop to $60,000 before resuming its uptrend. 

This correction is considered the “last correction” before a potential price surge towards $90,000 to $100,000, which many predict to happen in the future.

External factors, such as the US elections in November 2024 and interest rate decisions from the Federal Open Market Committee (FOMC), are also considered to affect Bitcoin's volatility in the near future. Political uncertainty and economic policies tend to trigger reactions in speculative crypto markets, including Bitcoin.

Read also: Ripple Coin: XRP Price Analysis and Predictions, Can it Break $1?

Technical Analysis: Critical Support Zone at $69,000 to $70,000

From a technical point of view, the critical support level for Bitcoin is currently in the zone between $69,000 and $70,000. AlphaBTC analysts state that losing this support zone could cause BTC prices to drop to gather demand-side liquidity below the 20-day EMA (Exponential Moving Average), which currently sits around $68,082. 

Losing this zone for an extended period could exacerbate the decline, although investors remain hopeful that prices will soon bounce off this level.

Data from IntoTheBlock revealed that over 944,200 BTC was purchased by approximately 1.59 million addresses at a price range between $68,000 and $70,000. The high volume of purchases at this level indicates considerable buying interest and could be a sign that this price may be a strong support point.

Conclusion: Bitcoin's Lowest Price Prediction in 2024

Based on the latest analysis, analysts believe that the $69,000 level has a great chance of becoming a local support before Bitcoin price resumes its uptrend. However, if this level does not hold, BTC could touch the $65,000 area or even lower for a while. 

Nevertheless, the long-term projection remains positive, with much higher price targets. Investors are advised to remain cautious and monitor market developments, especially with external factors affecting the stability of the crypto market in 2024.

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