Bitcoin
Urgent warning: Bitcoin could reach $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 is 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 tough June for Bitcoin
At the beginning of June, Bitcoin was priced at around US$67,719, reaching a peak of US$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 drop 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 are signaling a potential correction. The weekly Relative Strength Index (RSI), which peaked in early March, is declining. Similarly, monthly stochastic indicators are resembling previous multi-month peaks, such as those seen in January 2018 and May 2021, suggesting a possible steeper decline.
Double top price pattern: Bitcoin’s repeated inability to break through higher resistance levels has created a double top price pattern, a classic sign of a potential decline.
Impact of the halving event: Since the halving on April 20, speculation about Bitcoin’s price trajectory has intensified. Notably, crypto trader Jelle pointed out parallels with the 2016 halving cycle.
Current Market Phase: After a historic bull run fueled by the launch of US spot Bitcoin ETFs and the halving event, Bitcoin is currently in a consolidation phase. Since peaking at $73,797 on March 14, BTC has fallen more than 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 Skyrocket
What do you think about the future of Bitcoin? Will it recover or is a sharper decline inevitable? Share your predictions.