Crypto:
30627
Bitcoin:
$64.334
% 5.66
BTC Dominance:
%53.7
% 0.12
Market Cap:
$2.34 T
% 5.89
Fear & Greed:
52 / 100
Bitcoin:
$ 64.334
BTC Dominance:
% 53.7
Market Cap:
$2.34 T

Analysts Predict Potential Bitcoin Decline to $52,000 Amid Bearish Market Signals

Bull Vs Bear, Bitcoin

According to crypto researcher Justin Bennett, Bitcoin can witness further falls to lows of $52,000. Shared in a June 21 X post, Bennett’s study indicates that Bitcoin is straying from a bullish to a bearish posture by breaking important support levels.

Bearish Indicators and Market Imbalances

Predicting using Bennett’s approach, one may concentrate on the dynamics of Bitcoin price in the previous several days, which still shows that the price maintains within the limits without clearly showing a propensity to vary between support and resistance levels. Bitcon is in a negative area, he said, having passed a notable trend line extending from October 2023. Furthermore showing smaller accumulation and more selling pressure than previous occasions are deviations noticeable on February 26 and 27.

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Bennett claims that the depth below $56,500 increases the size of the possibility set for a stock. The investor goes further to suggest that markets tend to migrate towards regions with greater traffic or the places of buying and selling that concentrate more activity, making it more plausible for the price of Bitcoin to drop down below $ 60000.

Potential for a Bullish Reversal

Bennett notes the likelihood of a positive turn-around should Bitcoin get beyond $72,000, therefore capturing liquidity at higher prices despite the negative view. Still, he thinks this possibility less plausible given the state of the market right now. “Although I have supported cryptocurrencies since I entered the scene in 2020, facts remain facts. Bennett said that the stock market is the only thing stopping crypto from spiraling off a cliff and that the charts look terrible.

READ:  Binance CEO: 2024 To Be a 'Turning Point' for Crypto, Citing 3 Reasons

Shifting Investor Sentiment and Ethereum’s Rise

Other experts, such crypto researcher Ali Martinez, have noted a diminishing trend in the demand for Bitcoin by the investors. Martinez discovered that an indicator of changing demand: exchange linked on-chain operations fell drastically and the Bitcoin network was not as active as it once was. Martinez claims that based on social mentions and expectations for the Ethereum Spot ETFs, the investors are now paying more attention to Ethereum. This might bring a lot of money into the Ethereum market and so the price is probably going to surge.

Martinez has not spared Bitcoin from his pessimistic prediction of the BTC from trading over $60,000 into the lows of $54,930.

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