Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying
08 Juillet 2024 - 10:30PM
NEWSBTC
Bitcoin flash crashed on July 4 and 5, extending losses from
all-time highs to about 30%. Though there was a relief bounce over
the weekend, forcing the world’s most valuable coin up by nearly
11%, BTC remains within a bearish formation. Bitcoin Correction Not
Over: Will Bears Break $50,000? One analyst who took to X confirmed
this assessment, adding that the optimism over the last 48 hours
could be quashed in the coming sessions. With BTC not out of the
woods, at least from technical formation, the analyst predicted not
only will the coin sink below last week’s lows, but it will likely
break the psychological $50,000 mark. Pointing to historical price
action, the coin said Bitcoin could drop to as low as $48,000 in
the coming days, roughly 40% from its all-time high. When this
happens, and following the price action seen in 2017, when the coin
also crashed by 40% after local peaks, the coin will resume the
uptrend. Even so, looking at the analyst’s assessment, the swing
high and low anchoring of the Fibonacci retracement tool is
subjective. For now, if September 2023 to March 2024 range acts as
swing and lows, a 40% drop from local highs places Bitcoin $10,000
lower at around $37,000. Cracks are beginning to form on the weekly
chart. After last week’s losses, the coin firmly closed below the
20-period moving average, placing sellers in control. Confirmation
of last week’s losses could set the ball rolling, sparking more
losses in the short term, pushing the world’s most valuable coin to
$50,000 or even $40,000. How High Will BTC Jump After The
Correction? However, after the cool-off and the depth doesn’t
matter, another analyst predicts the coin will bounce off strongly.
If BTC finds support at around the $47,000 to $50,000 level, the
probability of it floating to at least $102,000 is high. This is
the first level of the Fibonacci extension. At its high, the coin
could soar to as high as $242,000 in the sessions to
come. The confidence that BTC will bounce back after
the current sell-off, sparked most by Mt. Gox liquidation fears and
the constant dump by the German government, is based on history.
After the Halving, Bitcoin prices tend to recover steadily. If
anything, one analyst said holders shouldn’t panic sell within the
first 79 days after the Halving event. Marking the beginning of the
fifth epoch, the network reduced its miner rewards on April 20,
roughly three months ago. Feature image from DALLE, chart from
TradingView
Bitcoin (COIN:BTCUSD)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Bitcoin (COIN:BTCUSD)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024