Markets
Crypto analyst reveals why price could drop to $52,000
Crypto Analyst Revealed Reasons Why Bitcoin Price Could witness more declines at a minimum of $52,000. According to the analyst, Bitcoin has broken key support levels, which indicates a potential shift from a bullish position to a bearish position.
Analyst predicts Bitcoin crash to $52,000
In a post on (formerly Twitter) on June 21, crypto analyst Justin Bennett predicted that Bitcoin could see a price drop at key ranges between $52,000 and $54,000. He shared a price chart depicting Bitcoin’s recent decline, highlighting that its price remains range-bound, showing no clear downward or upward trend as it trades between support and resistance.
While Bennett believes that Bitcoin could fall to $52,000, the analyst cited several reasons for this. bearish outlook. It revealed that Bitcoin has surpassed a key October 2023 trendline, suggesting a shift into more bearish territory. Additionally, the analyst noted market imbalances between February 26 and 27, indicating the possibility of less accumulation and greater selling pressure for Bitcoin.
Bennett also highlighted the presence of significant liquidity below the $56,500 price threshold for BTC. He suggested that markets often move towards more liquid areas due to concentrated buying and selling of Bitcoin. As a result, the potential for Bitcoin to fall below $60,000 is greater.
On the positive side, Bennett revealed the possibility of Bitcoin having a bullish reversal above $72,000, potentially capturing liquidity at these levels. However, the analyst also considers this a less likely scenario given the current state of the Bitcoin chart.
“I have been a proponent of crypto since I got involved in 2020, but facts are facts. The charts aren’t great, and the stock market is the only thing keeping crypto from falling off a cliff,” Bennett declared.
Investor interest in BTC declines
In one of his last X messages, crypto analyst Ali Martinez revealed that investor interest in Bitcoin has started to wane. According to the analyst, BTC is experiencing a significant slowdown in on-chain activities related to exchanges. Additionally, the pioneer cryptocurrency is currently experiencing a substantial decline in its network usage, suggesting a evolution of demand for Bitcoin.
Martinez suggested the crypto market could be turn their attention to Ethereum, the largest altcoin in the world. He revealed that “the crowd was becoming more and more bullish on Ethereum,” as evidenced by the increase in mentions of the cryptocurrency on social media.
This change in investor sentiment could be attributed to the imminent launch of Ethereum Spot ETF, which is expected to attract significant inflows to the Ethereum market and potentially drive up the price of the cryptocurrency. Martinez also shares similar sentiments with crypto analyst Bennett, predicting a possible price correction for Bitcoin to new lows at $54,930.
At the time of writing, the Bitcoin price is trading at $64,265, reflecting a 2.87% decline over the past week, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com