Fun

Bitcoin analysts forecast BTC price drop to $50K before parabolic run begins

News Feed - 2024-06-25 07:06:00

Nancy Lubale1 hour agoBitcoin analysts forecast BTC price drop to $50K before parabolic run beginsA handful of Bitcoin analysts now believe BTC price is headed below $50,000. Cointelegraph explores why.3061 Total views2 Total sharesListen to article 0:00Market AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe frequency of Bitcoin failing to break above higher resistance levels has lead to the formation of a “double-top price pattern,” that could potentially lead to a “steeper decline” to $50,000, according to a crypto analyst.


Founder of 10x Research, Markus Thielen, explained in an analyst note on June 24 that Bitcoin (BTC) appears to be following a double-top pattern technically and is currently testing its support level.


A double top pattern forms when the price reaches two similar peaks with a slight dip in between, maintaining support above a common line known as the "neckline." This pattern typically resolves when the price breaks below the neckline, potentially falling by an amount equal to the distance between the peaks and the neckline.“Bitcoin could shift from its current range trading (60,000-70,000) into a topping formation, potentially leading to a steeper decline.”Bitcoin price chart. Source:10x Research


“This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000—if not $45,000,” said Thielen, adding, “As we’ve observed over the past three months, range trading is a complex phase, often marked by several false breakouts.”“Topping formations have historically left the average retail investor vulnerable, with many altcoins experiencing significant drops.”


Thielen added that despite the potential positive impact of the U.S. elections and the Consumer Price Index (CPI) later this year, the price could still experience a “steeper correction.”


Prominent crypto traders are speculating over Bitcoin’s price after the halving event on April 20. This event cut Bitcoin miner block rewards by 50%, from 6.25 BTC to 3.125 BTC.


Crypto trader Jelle said Bitcoin’s price action is still playing out “similarly” after the 2016 halving cycle and is “chopping around the previous cycle highs.”


“More and more fud is being offloaded at current prices,” declared Jelle in a June 24 X post, adding that it is part of “shakeout effects.”“Either it’s very over, or we’re close to a bottom.”


Crypto trader Rekt Capital believes there’s considerable potential for further upward movement in the short term. In a June 24 post he said, the market is approximately 40% through the “bull market” phase.Source:Rekt Capital


That suggests that the latest drop in BTC price below $60,000 gives buyers an opportunity to buy more on the dips before Bitcoin enters a “parabolic uptrend.”


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Markets# Cryptocurrency Exchange# Market Analysis# Bitcoin ETF# ETFAdd reaction

News Feed

3AC wallet buys NFT with 3-year-old offer, zkSync denies insider minting claims: Nifty Newsletter
Ezra Reguerra5 hours ago3AC wallet buys NFT with 3-year-old offer, zkSync denies insider minting claims: Nifty NewsletterA wallet owned by the bankrupt hedge fund Three Arrows Capital purchased an NFT via a three-year-ol
Savannah Fortis2 hours agoNYC mayor releases plans for responsible AI usage in local governmentThe administration for the mayor of New York City has released a plan for creating a framework for government agencies to utl
Bank of New York Mellon: ‘Clients Are Absolutely Interested in Digital Assets’
Bank of New York Mellon: "Clients Are Absolutely Interested in Digital Assets" Bank of New York Mellon (BNY Mellon) has revealed that its clients “are absolutely interested i
Apple Intelligence may be absent from initial iOS 18 rollout: Report
Tom Mitchelhill8 hours agoApple Intelligence may be absent from initial iOS 18 rollout: ReportApple’s new AI features will potentially arrive a few weeks later in October, giving developers more time to iron out potent
Organic Communities in Web3 No Longer a Myth: Player Nodes in the Upland Metaverse Feature Multi-Property Takeovers
Organic Communities in Web3 No Longer a Myth: Player Nodes in the Upland Metaverse Feature Multi-Property Takeovers sponsored Online communities that develop organically are the hol
Speculation Abounds Regarding Youtube’s Removal of Crypto Content
Speculation Abounds Regarding Youtube"s Removal of Crypto Content At least six crypto Youtube channels have reported in recent hours that their content is being removed under the
South Africa Charges Former Monero Lead Developer With 378 Counts of Fraud and Forgery
South Africa Charges Former Monero Lead Developer With 378 Counts of Fraud and Forgery Former Monero lead maintainer, Riccardo Spagni, faces over 370 counts of fraud, forgery, and
US Lawmakers Probe SEC, Treasury, Federal Reserve Over Revolving Door With Crypto Industry
US Lawmakers Probe SEC, Treasury, Federal Reserve Over Revolving Door With Crypto Industry U.S. lawmakers have raised concerns about the revolving door between financial regulators
Oldest US Bank BNY Mellon to Provide Grayscale Bitcoin Trust With Asset Servicing and ETF Services
Oldest US Bank BNY Mellon to Provide Grayscale Bitcoin Trust With Asset Servicing and ETF Services Grayscale Investments has engaged the oldest bank in the U.S.,
Microstrategy Buys More Bitcoin, Now Holding 124,391 BTC
Microstrategy Buys More Bitcoin, Now Holding 124,391 BTC Nasdaq-listed Microstrategy has bought more bitcoin for its corporate treasury. The latest purchase for 1,914 coins has rai
Tom Mitchelhill3 hours agoRobert F. Kennedy Jr. vows to back US dollar with Bitcoin if elected presidentRFK Jr. says he would use Bitcoin to stabilize the U.S. dollar, as well as make Bitcoin profits exempt from capital
Ana Paula Pereira2 hours agoCrypto Biz: Binance Connect goes dark, Prime Trust is bust and PayPal unveils Crypto HubThis week"s Crypto Biz explores Binance Connect shutdown, BitGo"s funding round, PayPal Crypto Hub, and