A cryptocurrency analyst revealed the reasons for the rise in the price of Bitcoin Seeing further declines To a low of $52,000. According to the analyst, Bitcoin has Breaking major support levels, This indicates a possible shift from a bullish to a bearish situation.
The analyst expects Bitcoin to collapse to $52,000
in Share on X (Formerly Twitter) On June 21, cryptocurrency analyst Justin Bennett predicted this Bitcoin may see a price collapse to major ranges between $52,000 and $54,000. He shared a price chart illustrating the recent decline in Bitcoin, highlighting that its price is still range-bound, showing no clear downward or upward trend as it trades between support and resistance.
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While Bennett believes that Bitcoin could fall to $52,000, the analyst pointed to several reasons for this Bearish outlook. He revealed that Bitcoin has crossed a major trend line as of October 2023, indicating a shift into more bearish territory. In addition, the analyst pointed to market imbalances between February 26 and 27, indicating the possibility of less and more accumulation Bitcoin selling pressure.
Bennett also highlighted the presence of… Great liquidity Below the $56,500 price threshold for BTC. He noted that markets often move towards areas with higher liquidity due to the concentration of buying and selling of Bitcoin. As a result, the possibility of Bitcoin price falling below $60,000 is greater.
On the upside, Bennett revealed the potential for Bitcoin to… Upward shift Above $72,000, you will likely grab liquidity at these levels. However, the analyst also considers this scenario less likely given the current state of the Bitcoin chart.
“I've been a crypto supporter 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 into the abyss,” Bennett said. advertiser.
Investor interest in Bitcoin is waning
In one of his latest works X postscryptoanalyst, Ali Martinez revealed that investor interest in Bitcoin has begun to wane. According to the analyst, BTC is Suffering from a major decline In on-chain exchange-related activities. In addition, the leading cryptocurrency is currently experiencing a significant decline in its network usage, which indicates a Shift in demand for Bitcoin.
Martinez suggested that the cryptocurrency market might as well Turn their attention to EthereumThe largest alternative currency in the world. “The public is becoming more optimistic about Ethereum,” he revealed, highlighted by the significant rise in mentions on social media of the cryptocurrency.
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This change in investor sentiment can be attributed to the imminent launch of Ethereum ETFs, which is expected to attract significant inflows to the Ethereum market and possibly lead to a rise in the price of the cryptocurrency. Martinez also shares similar sentiments with cryptocurrency analyst Bennett, predicting this will happen Bitcoin price correction Towards new lows at $54,930.
At the time of writing, Bitcoin is trading at $64,265, reflecting a 2.87% decline over the past week, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
