Bitcoin Correction Not Over: Will Bears Break $50,000?
- PHPzOriginal
- 2024-07-12 17:24:36726browse
Bitcoin flash crashed on July 4 and 5, extending losses from all-time highs to about 30%. Though there was a relief bounce over the weekend
Bitcoin (BTC) price action over the last few days has sparked optimism among traders, especially after the coin lost nearly 30% of its value from its latest peak. However, technicals suggest that BTC is still within a bearish formation, and another leg down is likely.
Bitcoin dropped to lows of $48,000 on July 4 and 5, extending losses from the latest all-time highs to around 30%. There was a relief bounce over the weekend, pushing the world’s most valuable coin up by nearly 11%. However, BTC is still trading within a bearish formation, at least from technical formation.
One analyst who took to the X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. With BTC not out of the woods, the analyst predicted not only will the coin sink below last week’s lows, but it will likely break the psychological $50,000 mark.
Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time high. When this happens, and following the price action seen in 2017, when the coin also crashed by 40% after local peaks, the coin will resume the uptrend.
Even so, looking at the analyst’s assessment, the swing high and low anchoring of the Fibonacci retracement tool is subjective. For now, if the September 2023 to March 2024 range acts as swing and lows, a 40% drop from local highs places Bitcoin $10,000 lower at around $37,000.
Bitcoin price dropped sharply on Monday, extending losses from the latest all-time highs to around 30%. BTC price action over the last few days has sparked optimism among traders, especially after the coin lost nearly three-quarters of its value from its latest peak. However, technicals suggest that BTC is still within a bearish formation, and another leg down is likely.
Bitcoin price dropped to lows of $48,000 on July 4 and 5, extending losses from the latest all-time highs to around 30%. There was a relief bounce over the weekend, pushing the world’s most valuable coin up by nearly 11%. However, BTC is still trading within a bearish formation, at least from technical formation.
One analyst who took to the X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. With BTC not out of the woods, the analyst predicted not only will the coin sink below last week’s lows, but it will likely break the psychological $50,000 mark.
Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time high. When this happens, and following the price action seen in 2017, when the coin also crashed by 40% after local peaks, the coin will resume the uptrend.
Even so, looking at the analyst’s assessment, the swing high and low anchoring of the Fibonacci retracement tool is subjective. For now, if the September 2023 to March 2024 range acts as swing and lows, a 40% drop from local highs places Bitcoin $10,000 lower at around $37,000.
Bitcoin price began the new week on a bearish note, dropping sharply on Monday. After losing nearly three-quarters of its value from the latest all-time highs, BTC price action over the last few days has sparked optimism among traders. However, technicals suggest that BTC is still within a bearish formation, and another leg down is likely.
Bitcoin price dropped to lows of $48,000 on July 4 and 5, extending losses from the latest all-time highs to around 30%. There was a relief bounce over the weekend, pushing the world’s most valuable coin up by nearly 11%. However, BTC is still trading within a bearish formation, at least from technical formation.
One analyst who took to the X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. With BTC not out of the woods, the analyst predicted not only will the coin sink below last week’s lows, but it will likely break the psychological $50,000 mark.
Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time
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