A cryptocurrency analyst has revealed the reasons why Bitcoin’s price could witness further declines to a low of $52,000. According to a Bitcoin analyst, yes broken key support levels, which indicates a potential change from bullish to bearish.
Analyst predicts Bitcoin crash to $52,000
IN write to X (formerly Twitter) On June 21, cryptocurrency analyst Justin Bennett predicted this Bitcoin may witness a price crash to the key ranges of $52,000 to $54,000. He shared a price chart illustrating Bitcoin’s recent decline, highlighting that its price remains range-bound, showing no clear down or up trend as it fluctuates between support and resistance.
Although Bennett believes Bitcoin could fall to $52,000, the analyst gave several reasons for this bearish outlook. He revealed that Bitcoin has broken above the key October 2023 trendline, suggesting a move into more bearish territory. Additionally, the analyst noticed market imbalance between February 26 and 27, indicating the possibility of less accumulation and more Bitcoin selling pressure.
Bennett also emphasized attendance significant liquidity below the BTC price threshold of $56,500. He suggested that markets often move towards areas of greater liquidity due to the concentration of Bitcoin buying and selling. As a result, the potential for Bitcoin to fall below $60,000 is greater.
On the other hand, Bennett revealed the possibility of ownership by Bitcoin bullish turn above $72,000, potentially enabling liquidity at these levels. However, the analyst also considers this a less likely scenario given the current state of Bitcoin’s 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 he stated.
Investor interest in BTC is decreasing
In one of his latest X postscryptocurrency analyst, Ali Martinez revealed that investor interest in Bitcoin has started to wane. According to the BTC analyst, yes experiences significant deterioration in chain exchange activities. Additionally, the pioneering cryptocurrency is currently seeing a significant decline in network usage, suggesting: change in demand for Bitcoin.
Martinez suggested this may be the case in the cryptocurrency market turning their attention to Ethereum, the world’s largest altcoin. He revealed that “the crowd was increasingly bullish on Ethereum,” highlighted by an augment in mentions of the cryptocurrency on social media.
This change in investor sentiment can be attributed to the imminent launch Spot Ethereum ETFs, which is expected to attract significant inflows into the Ethereum market and potentially augment the price of the cryptocurrency. Martinez also shares similar sentiments with cryptocurrency analyst Bennett, predicting that it is possible Bitcoin price correction towards up-to-date lows of $54,930.
According to CoinMarketCap, at the time of writing, Bitcoin is trading at $64,265, reflecting a decline of 2.87% over the past week.
Featured image created with Dall.E, chart from Tradingview.com
