A crypto analyst revealed the reasons why the price of Bitcoin can be the evidence is becoming less and less clear to the low $52,000s. According to the analyst, Bitcoin has it support levels are broken, indicating a potential shift from bullish to bearish territory.
Analyst Projects Bitcoin Crash To $52,000
In a send to X (formerly of Twitter) on June 21, crypto analyst, Justin Bennett predicted that Bitcoin could see a price crash in the key ranges between $52,000 and $54,000. He shared a price chart showing Bitcoin’s recent decline, highlighting that its price remains within a range, showing no clear downward or upward trend as it trades between support and resistance.
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While Bennett believes that Bitcoin may fall to $52,000, the analyst cited several reasons for this. bearish view. He pointed out that Bitcoin broke a key trend line from October 2023, suggesting a shift to a more bullish position. In addition, the analyst noted the imbalance of the market between February 26 and 27, indicating the possibility of a small accumulation and more. Bitcoin selling pressure.
Bennett also highlighted the presence of important liquidity below the $56,500 BTC price. He suggested that the markets tend to move to high-income areas due to the concentration of Bitcoin buying and selling. As a result, the potential for Bitcoin to drop below $60,000 is high.
On the other hand, Bennett revealed that Bitcoin may have bullish turn more than $72,000, which may hold money at these levels. However, the analyst also considers this scenario to be an unlikely scenario given the current state of the Bitcoin chart.
“I have been a crypto supporter since I got involved in 2020, but facts are facts. The charts don’t look good, and the stock market is the only thing keeping crypto from falling off a cliff,” Bennett. said.
Investors’ interest in BTC is waning
In one of his latest X’s postcrypto analyst, Ali Martinez revealed that investor interest in Bitcoin has started to wane. According to the analyst, BTC we are facing a big decline on-chain activities related to trading. Additionally, the pioneering cryptocurrency is currently seeing a significant drop in its network usage, suggesting that a change in demand for Bitcoin.
Martinez suggested that the crypto market could be their attention to Ethereum, the world’s largest altcoin. He revealed that “the crowd was growing more optimistic about Ethereum,” highlighted by the rise in social media coverage of the cryptocurrency.
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This change in investor sentiment can be attributed to the imminent launch of Ethereum Spot ETF share price, which is expected to attract significant inflows into the Ethereum market and potentially increase the price of the cryptocurrency. Martinez also shares the same sentiments as crypto analyst Bennett, predicting the possibility Bitcoin price correction to a new low of $54,930.
At the time of writing, the price of Bitcoin is trading at $64,265, showing a decrease of 2.87% in the last week, according to CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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