Bitcoin and Ethereum both dropped 5% ahead of the expected Federal Reserve rate cuts. However, the decline in Bitcoin wasn't solely driven by fears of the Federal Reserve's actions. On Sunday, the FBI reported an apparent assassination attempt on Donald Trump in Florida. Although the Republican presidential candidate was confirmed safe and unharmed by both his campaign and law enforcement, the news added to market uncertainty. As a result, Bitcoin is once again testing deep fear levels, leaving the market on edge.
Bitcoin had initially shown signs of rallying, climbing above the $60,000 mark and sparking hopes of a new surge. But now, only a positive catalyst can help lift the price. Ether led the losses with a 5.25% drop in the last 24 hours, marking its worst single-day decline since early August. Cardano (ADA) fell 5% and Solana (SOL) dropped 4%.
Vice President Kamala Harris took to her social media handle and released a statement about the unfortunate incident. Elon Musk also reacted to the news and condemned the act.
What's Next For Bitcoin Price?
According to analyst Jason Pizzino, Bitcoin has been in a consolidation phase, correcting around 33% since its peak in March, and is now showing signs of nearing the end of this correction.
Despite recent corrections, the analyst remains positive about Bitcoin's long-term potential, especially for those buying below $60,000. He predicts that in 6 to 12 months, investors will look back and see it as a good buying opportunity. The key support level to watch is around $44,600—if Bitcoin stays above this, the bullish cycle is expected to continue.
Looking ahead, he forecasted a potential breakout in late 2024 or early 2025, aligning with previous market cycles. The analyst warns against being swayed by overly optimistic predictions of Bitcoin reaching $1 million but remains confident that Bitcoin will see significant gains over the long term.