Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000
June 22 2024 - 9:00PM
NEWSBTC
A crypto analyst has disclosed reasons why the price of Bitcoin
could witness more declines to $52,000 lows. According to the
analyst, Bitcoin has broken key support levels, which indicates a
potential shift from a bullish to a bearish position. Analyst
Projects Bitcoin Crash To $52,000 In a post on X (formerly Twitter)
on June 21, crypto analyst, Justin Bennett predicted that Bitcoin
could witness a price crash to key ranges between $52,000 and
$54,000. He shared a price chart illustrating 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. Related Reading: XRP Exhibiting Unusual
On-Chain Behavior, How Will This Affect Price? While Bennett
believes that Bitcoin could plummet to $52,000, the analyst cited
several reasons for this bearish outlook. He revealed that Bitcoin
has broken past a key trend line from October 2023, suggesting a
shift to more bearish territory. Additionally, the analyst noted
market imbalances between February 26 and 27, indicating the
possibility of less accumulation and more 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 areas with higher liquidity due to
the concentration of buying and selling of Bitcoin. As a result,
the potential for Bitcoin to drop below $60,000 is greater.
On the upside, Bennett has disclosed the possibility for Bitcoin to
have a bullish turnaround 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’ve been a supporter of crypto since I got involved
in 2020, but facts are facts. The charts don’t look great, and the
stock market is the only thing keeping crypto from falling off a
cliff,” Bennett stated. Investor Interest In BTC Is Waning In
one of his latest X posts, crypto analyst, Ali Martinez
disclosed that investors’ interest in Bitcoin has begun to
diminish. According to the analyst, BTC is experiencing a
significant downturn in exchange-related on-chain
activities. Additionally, the pioneer cryptocurrency is
presently witnessing a substantial drop in its network usage,
suggesting a shift in demand for Bitcoin. Martinez has
suggested that the crypto market may be turning their attention to
Ethereum, the world’s largest altcoin. He disclosed that the “crowd
was growing more optimistic about Ethereum,” highlighted by the
surge in the cryptocurrency’s social media mentions. Related
Reading: Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood,
Should You Follow The Whales? This change in investor sentiment
could be attributed to the imminent launch of Ethereum Spot ETFs,
which is expected to attract significant inflows into Ethereum’s
market and potentially drive up the cryptocurrency’s price.
Martinez also shares similar sentiments with crypto analyst
Bennett, predicting a possible price correction for Bitcoin toward
new lows at $54,930. At the time of writing, the price of
Bitcoin 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
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