Bitcoin’s price could potentially drop below $50,000 if bid support weakens, according to a recent analysis.
Renowned trader Peter Brandt shared his insights on Bitcoin’s current situation in a post on X on June 14. Brandt emphasized the importance of Bitcoin buyers holding the $60,000 level as the cryptocurrency struggles to break through the $67,000 mark. Despite reaching $70,000 earlier in the week, BTC/USD failed to sustain its momentum and returned to a familiar trading range.
Brandt is cautious about the possibility of Bitcoin reaching new long-term lows in the near future. He highlighted the ever-changing nature of chart patterns and described BTC/USD as a “chart of interest.”
Bitcoin last dipped below $50,000 back in mid-February before reaching its current all-time highs of $73,800. These highs have now turned into strong resistance levels, as indicated by data from trading platform DecenTrader, showing significant liquidity around the $70,000 mark.
While some analysts predict a downward trend for Bitcoin’s price, others remain optimistic. Market observers point out that Bitcoin whales have been increasing their exposure at current price levels, with the number of whale entities holding at least 1,000 BTC reaching near all-time highs. This trend has been viewed as bullish by experts like Willy Woo and Quinten, who have highlighted the significant whale purchases in recent weeks.
It’s important to note that this article does not provide investment advice. Readers are advised to conduct their own research and analysis before making any investment decisions in the volatile cryptocurrency market.