The Bitcoin price has surged significantly since the US Federal Reserve’s 50 basis points (bps) interest rate cut. However, there are projections that the flagship’s price rally may be shortlived and a price crash imminent. Crypto analyst CrediBULL Crypto has predicted that the BTC price could drop to as low as $49,000 soon enough.
The Bitcoin Price Might Crash Again
CrediBULL Crypto predicted in an X post that BTC could drop below $49,000 soon enough. Based on his analysis, he expects the flagship crypto to rise to a local top of $70,000 and then suffer another flush to “ideally under” $49,000 before the actual breakout begins.
As Coingape reported, the US Fed rate cut could spark a Bitcoin price rally to $70,000. However, a price crash could follow shortly after, just as CrediBULL crypto warned. Analyst Ali Martinez also recently hinted that the flagship crypto might soon suffer downward pressure.
He stated that nearly $2 billion in Bitcoin futures contracts have been opened
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