Cryptocurrency market analysts predict a rapid decline for bitcoin

Famous crypto analyst and trader Jim Faikoff has shared his vision of the near future of bitcoin. According to Fikoff, the upward trend of BTC $62,665.25 Bitcoin -0.33% Market capitalization $1.24 trillion VOL. 24 hours $1.31 billion is currently under threat.

The expert emphasized that prices for October futures have dropped significantly. In the middle of the week, sellers began to act more actively, so if buyers do not take appropriate action now, the flagship of the crypto market may lose significantly in price. The expert noted that so far, the MACD and RSI indicators on the H4 interval indicate the further development of the upward trend. However, the situation may change significantly in the near future, Mr. Wyckoff emphasized.

At the same time, investors' attention is focused on macroeconomic indicators. Many experts note that inflation in the United States could rise significantly in September. This is indirectly evidenced by the stable situation in the local labor market and the increase in consumer sentiment.

The rapid rise in oil prices on the international market amid geopolitical tensions in the Middle East is also putting some pressure. And if the consumer price index does indeed rise last month, the Federal Reserve will likely have to act more aggressively. All of this will result in a potential increase in the refinancing rate following the next Fed meeting, experts believe. In turn, analysts at IntoTheBlock noted that bitcoin is facing problems amid the sales initiated by miners, which exceeded $ 544 million over the past week.

As a reminder, ChatGPT, an AI-based chatbot, recently predicted growth for bitcoin in the near term. AI identified numerous factors that will determine the price of bitcoin during the next wave of growth. One of them was the attraction of institutional investors.