The Bitcoin market is currently experiencing a correction that has persisted for approximately six months, with a decline of around 23%. While this may not be historically severe, analysts are expressing growing concerns as the downward trend lingers. On September 5, trader known as ‘Crypto Louca’ projected that the price of Bitcoin could continue to decrease throughout the year, potentially settling in a range between $36,000 and $46,000.

Amidst a resurgence of bearish sentiment, analyst IncomeSharks assessed the market conditions and suggested that if September is not identified as the local bottom for Bitcoin, it may be prudent to reassess the current market structure. They anticipate another decline below the $50,000 threshold before a potential rally in October; however, they cautioned that failure to achieve this could result in a negative outlook for the foreseeable months.

In a dialogue regarding his market stance, the analyst affirmed, “Nope, still neutral. If it wasn’t an election year I’d be bearish.” Furthermore, CryptoQuant’s head researcher, Julio Moreno, attributed the decline in Bitcoin’s price to a lack of demand growth, noting that all valuation metrics currently indicate bearish conditions. Although he acknowledged the typically supportive seasonality of the fourth quarter, he emphasized that this also hinges on broader economic and cryptocurrency market factors.

Chart analyst Peter Brandt characterized the current price pattern as an ‘inverted expanding triangle,’ often referred to as a ‘megaphone.’ He indicated that should the market test the lower boundary of this structure, a decline to approximately $46,000 would be anticipated. He cautioned that a substantial upward movement is essential for restoring the bull market, remarking that selling activity appears to be outpacing buying in this formation.

Additionally, the analyst known as ‘Rekt Capital’ observed that Bitcoin has established a new resistance level and requires a rebound imminently to avert a potential breakdown as the new weekly candle approaches its closure. Bitcoin dipped briefly below $56,000 during early trading hours in Asia on Friday and was trading at $56,664 at the time of writing, amidst a backdrop of weak sentiment and precarious positioning near the lower support bands of this extensive trading channel.

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