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.
Crypto analyst predicts Bitcoin price crash to key ranges
A crypto analyst has shared his thoughts on the potential direction of Bitcoin’s price movement, predicting a crash to key ranges.
According to the analyst, if BTC breaks below $60,000, it could plummet to crucial support between $52,000 and $54,000. However, if the coin manages to stay above $72,000, it might indicate a bullish move toward higher highs.
The analyst's bearish outlook is based on several factors, including Bitcoin's recent breach of a key trend line from October 2023, which suggests a shift to more bearish territory.
Additionally, the analyst notes market imbalances between February 26 and 27, indicating the possibility of less accumulation and more selling pressure for Bitcoin.
Finally, the analyst highlights the presence of significant liquidity below the $56,500 price threshold for BTC, which suggests 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 than its ability to rise above $72,000.
On the upside, if BTC manages to stay above $72,000, it could indicate a bullish move toward higher highs, 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.
suggesting 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.
This change in investor sentiment could be attributed to the imminent launch of Ethereum Spot ETF, 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 Justin 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, as per CoinMarketCap's data.
News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-crash-investor-wanes-analyst-warns.html
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