Markets
Bitcoin Could See 18% Drop, Crypto Analyst Predicts: Fall ‘More Likely Now’ With $54,000 Possible
Crypto analyst Justin Bennett warned that Bitcoin BTC/USD could potentially fall to significantly lower levels.
What happened: Thursday, Bennett, who has more than 110,800 followers on the social media platform XPreviously Twittersaid Bitcoin could see a decline of more than 18%.
He said: “Bitcoin is still range bound, but the recent break of the October 2023 trendline, combined with the imbalances from February 26-27, leads me to believe that $52,000 to $54,000 could be the next ones,” adding: “Lots of cash. is below that low of 56,500, and markets are looking for liquidity.
His analysis suggests that Bitcoin could fall all the way to the $60,751 level, rebound to around $63,000, and then collapse below $54,000.
Bennett also noted that Bitcoin’s market top appears to be around the $65,000 level on the monthly chart, as it has failed to move the area into support after several attempts since 2021.
Why is this important: Predictions of Bitcoin’s Potential Decline Arrive on the heels of a major sell-off by Bitcoin whales, which has offloaded over $1 billion worth of Bitcoin in the last fortnight. This massive sell-off, likely through brokers, indicates a lack of demand growth from large Bitcoin holders and a continued slowdown in stablecoin liquidity.
However, despite the current bearish outlook, Bernstein analysts maintain bullish target of $200,000 Bitcoin for the end of 2025. They estimate that spot Bitcoin ETFs are on track to be approved by major wirehouses and large private banking platforms in the third or fourth quarter of this year.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga Publishers.
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