{"id":626525,"date":"2024-06-26T17:30:24","date_gmt":"2024-06-26T17:30:24","guid":{"rendered":"https:\/\/ktsl888.com\/?p=626525"},"modified":"2024-06-26T15:11:20","modified_gmt":"2024-06-26T15:11:20","slug":"bitcoin-in-red-analyst-predicts-a-40-drop-to-48000-before-recovery","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-in-red-analyst-predicts-a-40-drop-to-48000-before-recovery\/","title":{"rendered":"Bitcoin In Red, Analyst Predicts A 40% Drop To $48,000 Before Recovery"},"content":{"rendered":"

Bitcoin is roughly 20% from all-time highs, and risks are trending lower, breaking from the current consolidation. After peaking in mid-March, bulls are yet to build enough momentum and overcome the roadblock at $72,000.<\/span><\/p>\n

Will Bitcoin Fall To $50,000 Or Worse? Analyst Thinks So<\/span><\/h2>\n

While there were temporary gains in early June, the retracement in the last few trading days has seen BTC recoil, falling below $60,000 this week. Even though some traders are hopeful, one analyst took to X, <\/span>saying<\/span><\/a> holders should brace for more losses in the coming days.\u00a0\u00a0<\/span><\/p>\n

\"Bitcoin
Bitcoin LTH behavior | Source: @AxelAdlerJr via X<\/figcaption><\/figure>\n

Citing the spending actions of long-term holders (LTHs) in previous cycles, the analyst said there is a high probability that their habits could see BTC drop by 40% from all-time highs. <\/span><\/p>\n

Related Reading: Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes<\/a><\/div>\n

Interestingly, data shows LTHs began selling at around $45,000. This level can act as a support region, anchoring a leg up that may see BTC finally break $72,000 and all-time highs.<\/span><\/p>\n

The analyst added that the current formation mirrored the discouraging decline in 2019. Then, BTC fell sharply before pushing higher, triggering a bull run.\u00a0\u00a0<\/span><\/p>\n

As of late June, Bitcoin has been roughly 20% of spot rates. If the analyst is correct, the coin could drop below May 2024 lows and as low as $48,000, breaking the round and psychological number at $50,000.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Looking at the structure of the Bitcoin candlestick formation in the daily chart, the zone between $56,500 and $60,000 is supported. If sellers of June 24 flow back, pushing prices lower, there is a high probability of BTC slipping even lower. Technically, the drop will be a bearish breakout formation, a move that could catalyze even more losses. <\/span><\/p>\n

Traders Are Bullish Despite Increased Outflows From Spot BTC ETFs<\/span><\/h2>\n

Despite the bearish assessment, there are contrasting activities, especially when looking at the behavior of traders on Binance. One analyst shared data <\/span>revealing<\/span><\/a> that over 72% of all accounts with open BTC positions are long. <\/span><\/p>\n

\"Binance
Binance traders bullish on BTC | Source: @ali_charts via X<\/figcaption><\/figure>\n

This resilience in the face of recent drops and the willingness to hold on despite dips is a massive boost of sentiment. It comes when the BTC market expects payment from Mt. Gox<\/a> to heap more pressure on prices. After roughly ten years, hack victims will be receiving their compensation.<\/span><\/p>\n

Related Reading: Can Terra Classic Rise From The Ashes? Analyst Foresees 1,500% Price Increase<\/a><\/div>\n

Persistent outflows from spot Bitcoin exchange-traded funds (ETFs) worsen the situation. Lookonchain <\/span>data<\/span><\/a> on June 25 shows that all spot BTC ETF issuers in the United States decreased by 2,145 BTC. Of this, Fidelity decreased by 612 BTC.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is roughly 20% from all-time highs, and risks are trending lower, breaking from the current consolidation. After peaking in mid-March, bulls are yet to build enough momentum and overcome the roadblock at $72,000. Will Bitcoin Fall To $50,000 Or Worse? Analyst Thinks So While there were temporary gains in early June, the retracement in the last few trading days has seen BTC recoil, falling below $60,000 this week. Even though some traders are hopeful, one analyst took to X, saying holders should brace for more losses in the coming days.\u00a0\u00a0 Citing the spending actions of long-term holders (LTHs) in previous cycles, the analyst said there is a high probability that their habits could see BTC drop by 40% from all-time highs. Related Reading: Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes Interestingly, data shows LTHs began selling at around $45,000. This level can act as a support region, anchoring a leg up that may see BTC finally break $72,000 and all-time highs. The analyst added that the current formation mirrored the discouraging decline in 2019. Then, BTC fell sharply before pushing higher, triggering a bull run.\u00a0\u00a0 As of late June, Bitcoin has been roughly 20% of spot rates. If the analyst is correct, the coin could drop below May 2024 lows and as low as $48,000, breaking the round and psychological number at $50,000. Looking at the structure of the Bitcoin candlestick formation in the daily chart, the zone between $56,500 and $60,000 is supported. If sellers of June 24 flow back, pushing prices lower, there is a high probability of BTC slipping even lower. Technically, the drop will be a bearish breakout formation, a move that could catalyze even more losses. Traders Are Bullish Despite Increased Outflows From Spot BTC ETFs Despite the bearish assessment, there are contrasting activities, especially when looking at the behavior of traders on Binance. One analyst shared data revealing that over 72% of all accounts with open BTC positions are long. This resilience in the face of recent drops and the willingness to hold on despite dips is a massive boost of sentiment. It comes when the BTC market expects payment from Mt. Gox to heap more pressure on prices. After roughly ten years, hack victims will be receiving their compensation. Related Reading: Can Terra Classic Rise From The Ashes? Analyst Foresees 1,500% Price Increase Persistent outflows from spot Bitcoin exchange-traded funds (ETFs) worsen the situation. Lookonchain data on June 25 shows that all spot BTC ETF issuers in the United States decreased by 2,145 BTC. Of this, Fidelity decreased by 612 BTC. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":625874,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,679,1119,78790,3066,89583],"class_list":["post-626525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-mt-gox","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin In Red, Analyst Predicts A 40% Drop To $48,000 Before Recovery<\/title>\n<meta name=\"description\" content=\"Bitcoin is under immense selling pressure but one analyst expects even more losses to below $50,000 before prices stabilize\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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