The post Bitcoin Set to Crash to $50K: Are You Ready for the Fall? appeared on BitcoinEthereumNews.com.

The post Bitcoin Set to Crash to $50K: Are You Ready for the Fall? appeared first on Coinpedia Fintech News Bitcoin has been trapped in a downtrend since it touched the $73,000 mark. It has been struggling to break the road to bear  for almost six months now. There have been a lot of factors that canned the uprising of Bitcoin including the German government selling seized BTC, Mt. Gox creditors repayments, wars in the Middle East and a lot more events. Even if we exclude these reasons, August and September have been bearish months for Bitcoin for over a decade. I have previously covered why the September crash is helpful in bringing bullishness for Bitcoin in next months. Let’s uncover some reasons why there is a chance Bitcoin can go down to $50,000. Profit Vs Loss Bitcoin is trading at $56,685 at the time of writing. There are 1.51 million bitcoin addresses with a combined holding of 618,430 BTC who bought the asset between the price of $55,852 to $58,305. These wallets are at the breakeven point. However, just above this mark, there are more than 4.50 million addresses that hold 1.81m bitcoins. There is a high chance that most of these addresses will take profit as soon as the price reaches there. Why would they take profit? Because overall market sentiment is bearish and traders might believe the price will go down further. Data from IntoTheBlock shows that 78% of BTC investors are sitting at a profit. There are 19% people who bought bitcoin above current price level and hence they are in loss. 3% investors bought BTC at the current price. Bitcoin Liquidation and Position Trends Bitcoin in the last 24 hours has moved between a confined zone of $56,388 to $58,315. During this movement a total…

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Filed under: News - @ September 5, 2024 9:21 pm