Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000



A
crypto
analyst
has
disclosed
reasons
why
the
price
of
Bitcoin
could


witness
more
declines


to
$52,000
lows.
According
to
the
analyst,
Bitcoin
has


broken
key
support
levels,


which
indicates
a
potential
shift
from
a
bullish
to
a
bearish
position. 

Analyst
Projects
Bitcoin
Crash
To
$52,000


In
a


post
on
X


(formerly
Twitter)
on
June
21,
crypto
analyst,
Justin
Bennett
predicted
that


Bitcoin
could
witness
a
price
crash


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
downward
or
upward
trend
as
it
trades
between
support
and
resistance.


Related
Reading

Source:
X


While
Bennett
believes
that
Bitcoin
could
plummet
to
$52,000,
the
analyst
cited
several
reasons
for
this


bearish
outlook
.
He
revealed
that
Bitcoin
has
broken
past
a
key
trend
line
from
October
2023,
suggesting
a
shift
to
more
bearish
territory.
Additionally,
the
analyst
noted
market
imbalances
between
February
26
and
27,
indicating
the
possibility
of
less
accumulation
and
more

How To Get Free Crypto  


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
towards
areas
with
higher
liquidity
due
to
the
concentration
of
buying
and
selling
of
Bitcoin.
As
a
result,
the
potential
for
Bitcoin
to
drop
below
$60,000
is
greater. 


On
the
upside,
Bennett
has
disclosed
the
possibility
for
Bitcoin
to
have
a


bullish
turnaround


above
$72,000,
potentially
capturing
liquidity
at
these
levels.
However,
the
analyst
also
considers
this
a
less
likely
scenario
given
the
current
state
of
the
Bitcoin
chart. 


“I’ve
been
a
supporter
of
crypto
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
off
a
cliff,”
Bennett


stated

Investor
Interest
In
BTC
Is
Waning


In
one
of
his
latest


X
posts
,
crypto
analyst,
Ali 
Martinez
disclosed
that
investors’
interest
in
Bitcoin
has
begun
to
diminish.
According
to
the
analyst,
BTC
is

Coinbase Banner  


experiencing
a
significant
downturn


in
exchange-related
on-chain
activities. 
Additionally,
the
pioneer
cryptocurrency
is
presently
witnessing
a
substantial
drop
in
its
network
usage,
suggesting
a


shift
in
demand
for
Bitcoin

Source:
X


Martinez
has
suggested
that
the
crypto
market
may
be


turning
their
attention
to
Ethereum
,
the
world’s
largest
altcoin.
He
disclosed
that
the
“crowd
was
growing
more
optimistic
about
Ethereum,”
highlighted
by
the
surge
in
the
cryptocurrency’s
social
media
mentions. 


Related
Reading


This
change
in
investor
sentiment
could
be
attributed
to
the
imminent
launch
of


Ethereum
Spot
ETFs
,
which
is
expected
to
attract
significant
inflows
into
Ethereum’s
market
and
potentially
drive
up
the
cryptocurrency’s
price.
Martinez
also
shares
similar
sentiments
with
crypto
analyst
Bennett,
predicting
a
possible


price
correction
for
Bitcoin


toward
new
lows
at
$54,930. 


At
the
time
of
writing,
the
price
of
Bitcoin
is
trading
at
$64,265,
reflecting
a
2.87%
decline
over
the
past
week,
according
to
CoinMarketCap. 

FreeBitcoin Banner  
BTC
bulls
reclaim
control
of
price
|
Source:

BTCUSD
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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