Bitcoin (BTC) Price Prediction: Will BTC Offer Another Buying Opportunity Below $50000?

Bitcoin is climbing with huge strength as the bulls entered the play soon after the price dropped below $50,000 amid the market crash

Bitcoin price experienced a massive drop below the $50,000 zone amid the market crash last week. However, the bulls entered the play soon after the drop and began defending the lower support. Regardless of the recovery, bearish expectations continue to prevail as the traders speculate a further downside ahead.

Bitcoin price dropped below the $50,000 zone amid the market crash last week. However, the bulls entered the play soon after the drop and began defending the lower support. This may have turned market sentiments in favor of the bulls to some extent, but the fear of another bearish wave continues to haunt the BTC price rally.

After experiencing a massive crash during the past weekend and at the start of the week, Bitcoin price is experiencing some relief. Meanwhile, the bulls are leaving no stone unturned in defending the lower support at $50,000.

This may have turned market sentiments to some extent in favor of the bulls, but the traders are speculating a further downside ahead. As a result, the BTC price rally is experiencing some fear of another bearish wave.

Will the Bitcoin (BTC) price offer another buying opportunity below $50,000? If yes, will it trigger a similar rebound within a restricted timeframe?

The recent rebound has turned market participants favorable to the upcoming trend, who are speculating that the crypto will hit $60,000 with the next bullish move. However, the institutions do not appear to be confident of the upcoming trend, as, after a small inflow of $50.4 million on the first day of the month, the platform witnessed massive outflows of $237.4 million, $168.4 million, & $145.6 million in the last four days.

Although institutions are not bullish, whales appear to be confident of the upcoming trend as they have been constantly accumulating BTC.

As per the data from Cryptoquant, more than 400K BTC worth over $22 million have been moved to permanent holder addresses in the past 30 days. This suggests the whales are constantly accumulating, which has reached its peak in the recent past. Ki Young Ju, CEO of Cryptoquant, shared the data and predicted that many more institutions, companies, governments, or other entities may announce their BTC acquisitions in Q3 2024.

So what’s next with the BTC price?

The BTC price rally is about to undergo a ‘death cross’ in the next few days. The recent pullback has advanced the event which appears to have validated a fresh bearish action soon. Therefore, the next couple of days are expected to be extremely important for the token as the death cross is expected to drag the levels back below $50,000. Moreover, after triggering a rebound, the RSI has diverted from an elevated trend. Hence, flashing bearish signals for the upcoming price action.

Therefore, the bulls are required to defend the support in the next few days, which may invalidate the bearish scenario for the Bitcoin (BTC) price rally.

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