Bitcoin
Urgent Warning: Bitcoin Could Drop to $55,000
Recent Bitcoin Price The fluctuations have sparked anxiety among cryptocurrency traders as the leading digital asset struggles to maintain its value. As of June 29, 2024, Bitcoin was priced at $60,845, with concerns growing that it could fall to $55,000.
Dive deeper to explore the factors behind this potential decline and what experts are saying about Bitcoin’s future.
A difficult June for Bitcoin
At the beginning of June, Bitcoin was trading at around $67,719, peaking at $71,000 on June 5. However, the price has weakened since then, hovering between $60,000 and $61,800 this week. The 30-day change shows a decline of -10.1%, with a 7-day change of -5.4% and a 24-hour change of -1.0%.
Key Factors Driving Bitcoin’s Decline
Market trend and behavior model: Bitcoin entered a downtrend on June 20, as indicated by trend models. This shift suggests that trend-following funds may intensify their short positions.
Technical Indicators: Weekly and monthly reversal indicators signal a possible correction. The weekly Relative Strength Index (RSI), which peaked in early March, is declining. Similarly, monthly stochastic indicators are resembling previous multi-year peaks, such as those seen in January 2018 and May 2021, suggesting a possible steeper decline.
Dual Price Pattern: Bitcoin’s repeated inability to break higher resistance levels has created a double top price pattern, a classic sign of a potential downside.
Impact of the Halving Event: Since the halving event on April 20, speculation about Bitcoin’s price trajectory has intensified. Notably, cryptocurrency trader Jelle pointed out parallels with the 2016 halving cycle.
Current Market Phase: After a historic bull run fueled by the launch of spot US Bitcoin ETFs and the halving event, Bitcoin is currently in a consolidation phase. Since peaking at $73,797 on March 14, BTC has fallen by over 16%.
As Bitcoin navigates these turbulent times, the future of the market remains uncertain. Traders and investors will be watching closely to see if Bitcoin can stabilize or if further declines are on the horizon.
Read too: XRP Price: First stop $5 and second stop $11 if BTC and ETH soar
What do you think of the future of Bitcoin? Will it recover or is a steeper decline inevitable? Share your predictions.