Bitcoin could extend its recent sideways movement into September, with analysts warning of a potential correction below the $50,000 psychological mark. The BTC price has struggled to gain momentum during an over two-week downtrend, falling over 12% since August 26th to trade at $56,133 as of 11:24 am UTC.

According to Cyrus Ip, the head of content at Bybit exchange, this dynamic could set up Bitcoin for a correction below $50,000. Ip noted that round psychological numbers like $50,000 invite significant investor attention, and a dip below this level could lead to a significant hit in crypto investor sentiment and invite lower lows.

The analysts point to declining trading volumes and slowing ETF inflows as factors that could set the stage for the $50,000 correction, before a rally to new all-time highs. This potential correction could represent a chance for investors to "own this piece of crypto history" as Bitcoin continues its volatile journey.

Source: https://cointelegraph.com/news/bitcoin-sub-50k-correction-september-analysts

The information provided in this article is for informational and educational purposes only, based on news and sources gathered from the internet. This content should not be considered as investment advice, financial guidance, or a suggestion to buy or sell any digital assets. Before making any financial decisions, we recommend consulting with a professional financial advisor and conducting your own research. The author and the blog are not responsible for any losses or damages that may arise from using this content.