Bitcoin Faces Potential Drop to $31,500

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Bitcoin (BTC) returned to its starting point days after testing the $65,000 level. Last month, it lingered around the $50,000 levels. The price, which failed to maintain above $65,000, previously attempted higher resistance regions. This process of forming lower peaks could lead to frustrating results.

Bitcoin May Drop to $31,500

Renowned crypto analyst Ali_Charts shared a chart indicating that BTC might form deeper lows. Although September is notorious for declines, the target it gives could turn altcoins into a bloodbath. So, what drives the concern of a drop to $31,500? What could cause Bitcoin (BTC) to fall to $31,500? The answer lies here.

“Warning!

Historically, when Bitcoin’s price falls below the Realized Price/Liveliness Ratio, it usually retreats to its Realized Price. The level it needs to hold is at $51,600, and closures below this could open the door to $31,500.”

Such a scenario for altcoins could result in losses exceeding 80%. Considering the weakness in buyer liquidity and potential sales triggered in the ETF channel, the results could be severe.

ETH and LUNA Coin Price Targets

Daan Crypto Trades is interested in Ethereum (ETH) prices. The analyst, who believes the largest altcoin by market value is preparing for strong volatility, warns that closures below $2,103 are extremely risky. However, he notes that the price previously made a strong jump to $2,800 from this region, making it a good chart to watch.

“ETH has returned to the major support level below.

No one is still in this region. Also, I don’t want to see it test this level many more times. It’s a good level to watch.”

The LUNA Coin chart is quite clear. There is significant support at $0.31, and closures below this will target a new ATL level. For now, there have been no permanent closures below the key region, and bulls are far from setting a new all-time low price below $0.25.

Given the current market situation and the risk of a larger drop in September, many LUNA Coin investors have already sold. However, if BTC drops sharply, losses could increase as investors who think they are buying the dip might also give up on LUNA Coin.

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