Bitcoin, the drama queen of crypto, has taken quite the tumble since it reached its all-time high. While the overall mood in the market is still cautiously optimistic, Bitfinex analysts aren’t ready to throw a party just yet. According to their latest report, more pain might be on the way, with the crypto king eyeing a possible dip into the $93k to $95k range.

Bitcoin’s Recent Dip Below $110k

Last week, Bitcoin dropped below the psychological barrier of $110k, hitting a low of $107,480 on Aug. 30. As of Sept. 1, it was hanging around $109k, showing no signs of pulling itself together after that rough patch.

Bitfinex Analysts Predict a Potential Recovery in Q4

Analysts from Bitfinex are warning that Bitcoin’s dip, which currently sits at 13% down from its August peak, could accelerate. If the bears stay hungry, Bitcoin might just test the critical $100k zone, and beyond that, we could see the cyclical floor around the $93k–$95k mark.

So, should you be worried? Well, maybe not just yet. On-chain data is showing that buyers are taking a breather, patiently waiting for fresh catalysts to push them back into action. Bitfinex analysts believe we’re nearing the end of this corrective phase, with the $93k–$95k range likely acting as the sweet spot for a potential bounce later this year.

Hope for a Strong Q4 Recovery

For now, the current short-term holder realized the price stands at $108,900, which is a key level. If Bitcoin falls below that, the sellers might take over, and things could get even uglier. Meanwhile, altcoins like Ethereum and XRP are also feeling the heat, with their prices dipping along with Bitcoin.

On the bright side, analysts remain bullish on Bitcoin’s long-term prospects, citing factors like strong institutional demand, corporate treasury strategies, and the anticipated approval of exchange-traded funds. Add to that the possibility of a Federal Reserve rate cut, and it seems like the market might just get the jolt it needs to bounce back.

So, while Bitcoin's price is currently stuck in a bit of a slump, there’s hope on the horizon. Get ready for a wild ride, because Q4 might just deliver that much-needed recovery!

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