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Crypto Analyst Reveals Why Price Could Drop to $52,000 — TradingView News
A crypto analyst has revealed reasons why Bitcoin price could suffer further drops to the lows of $52,000. According to the analyst, Bitcoin has broken key support levels, which indicates a potential shift from a bullish position to a bearish position.
Analysts expect Bitcoin to fall to $52,000
In a post on X (formerly Twitter) on June 21, crypto analyst Justin Bennett predicted that Bitcoin could see a price collapse to key ranges between $52,000 and $54,000. He shared a price chart illustrating Bitcoin’s recent decline, highlighting that its price remains range-bound, showing no clear downtrend or uptrend as it trades between support and resistance.
Although Bennett believes Bitcoin could collapse to $52,000, the analyst cited several reasons for this bearish outlook. He revealed that Bitcoin has broken out of a key trend line since October 2023, suggesting a shift into more bearish territory. Additionally, the analyst noted market imbalances between February 26 and 27, indicating the possibility of less accumulation and increased selling pressure for Bitcoin.
Bennett also highlighted the presence of significant liquidity below the $56,500 price threshold for BTC. He suggested that markets often move to areas of greater liquidity due to the concentration of buying and selling of Bitcoin. As a result, the potential for Bitcoin to fall below $60,000 is greater.
On the bright side, Bennett revealed the possibility for Bitcoin to have a bullish trend reversal above $72,000, potentially capturing liquidity at these levels. However, the analyst believes this is a less likely scenario given the current state of the Bitcoin chart.
“I have been a supporter of cryptocurrencies 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 cryptocurrencies from falling off a cliff,” Bennett said.
Investor interest in BTC is waning
In one of his latest posts on X, crypto analyst Ali Martinez revealed that investor interest in Bitcoin has started to wane. According to the analyst, BTC is experiencing a significant downturn in on-chain exchange-related activities. Furthermore, the pioneer cryptocurrency is currently seeing a substantial decline in network usage, suggesting a shift in demand for Bitcoin.
Martinez suggested that the cryptocurrency market could turn its attention to Ethereum, the world’s largest altcoin. He revealed that “the crowd is becoming more and more optimistic about Ethereum,” evidenced by the surge in mentions of the cryptocurrency on social media.
This change in investor sentiment could be attributed to the upcoming launch of Ethereum Spot ETFs, which are expected to attract significant inflows into the Ethereum market and could boost the price of the cryptocurrency. Martinez also shares similar sentiments with crypto analyst Bennett, predicting a possible correction in Bitcoin’s price towards new lows at $54,930.
At the time of writing, Bitcoin’s price is trading at $64,265, reflecting a 2.87% decline from last week, according to CoinMarketCap.