Bitcoin Could Plunge Below $50,000 If These Key Levels Break
The post Bitcoin Could Plunge Below $50,000 If These Key Levels Break appeared on BitcoinEthereumNews.com.
Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally. This analysis comes as Bitcoin’s current trading behavior exhibits signs that might concern short-term investors. Related Reading Bitcoin’s Precarious Path: Potential Drop and Subsequent Rally Brandt’s analysis indicates that if Bitcoin breaks the $65,000 threshold, it could trigger a further drop to around $60,000, potentially dipping as low as $48,000. So far, Bitcoin has struggled to sustain momentum above the $70,000 mark, showing a decline of 5.6% over the past week to a current value of $67,170. BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com Despite the somewhat grim short-term outlook, Brandt identifies a silver lining with the potential for substantial recovery. His analysis outlines the immediate risks and hints at a rebound, which he terms the “pump” phase following the “dump.” Chart of interest – Bitcoin $BTCSometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this:Break through 65,000, then mkt goes to 60,000Break through 60,000 mkt goes to 48,000 pic.twitter.com/JsXXVx2EhV — Peter Brandt (@PeterLBrandt) June 13, 2024 According to Brandt, this pattern typifies the volatile nature of cryptocurrency markets and could serve as a pivotal moment for investors. Earlier in the year, he made similar observations when Bitcoin was trading at $42,300, suggesting these cycles are common features of bull markets and play a crucial role in distinguishing between novice traders and experienced investors. JPMorgan Cautions On Bitcoin Touted ETF Demand Meanwhile, financial institutions like JPMorgan have scrutinized the broader implications of market dynamics on Bitcoin’s valuation. JPMorgan has recently highlighted concerns regarding the overestimation of demand for Bitcoin ETFs. Their analysis suggests that much of the recent…
Filed under: News - @ June 15, 2024 12:20 pm