The post Here’s How Low Bitcoin Price Can Go? Top Analyst Weighs In appeared first on Coinpedia Fintech News
The cryptocurrency market continues to face turbulence as Bitcoin’s price drops by 3.65% intraday and 14.65% over the past month, reaching $58,830 on July 4. Amidst this ongoing decline, prominent crypto analyst Crypto Patel has forecasted an even steeper drop, citing several bearish indicators that suggest Bitcoin could fall as low as $55,000 soon. Bitcoin’s …
The post Here’s How Low Bitcoin Price Can Go? Top Analyst Weighs In appeared first on Coinpedia Fintech News
The cryptocurrency market continues to face turbulence as Bitcoin’s price drops by 3.65% intraday and 14.65% over the past month, reaching $58,830 on July 4. Amidst this ongoing decline, prominent crypto analyst Crypto Patel has forecasted an even steeper drop, citing several bearish indicators that suggest Bitcoin could fall as low as $55,000 soon.
Bitcoin’s Drop to $55,000
In a recent tweet, renowned crypto analyst Crypto Patel shared his bearish outlook on Bitcoin (BTC). According to Patel, Bitcoin has hit a Break of Structure (BOS) and made a new low, perfectly rejecting the Bearish Order Block (OB). This pattern suggests a potential drop to $55,000 soon.
#Bitcoin Analysis Update
Hope you followed my analysis! $BTC hit Break of Structure (BOS) and made a new low, perfectly rejecting from the Bearish OB. I’m still bearish and see a potential drop to $55,000.
Expecting a new OB to form at $61k-$62k, leading to a small pump… https://t.co/LiMD6e4mdF pic.twitter.com/HiY5OWX6tt
— Crypto Patel (@CryptoPatel) July 4, 2024
Patel noted that Bitcoin is currently forming a new OB in the $61,000-$62,000 range. He predicts this could lead to a short-lived pump before the next significant leg down.
However, this forecast is based on a technical analysis of Bitcoin’s price movement and market structure. Looking at the chart analysis, it seems that Bitcoin could see a drop further ahead to $55,000, potentially even falling to around $53,700.
How Long Bitcoin Could Dip Further
Adding to the bearish sentiment, Markus Thielen, founder of 10x Research, has predicted that Bitcoin could decline toward $50,000. Thielen’s analysis points to the potential realization of a double-top pattern, where the price reaches two similar peaks with a slight dip in between.
If the price breaks below the neckline of this pattern, it could fall by an amount equal to the distance between the peaks and the neckline.
Buy-the-Dip Opportunity?
On-chain data provider Santiment reported heavy sell-offs in Bitcoin and altcoins, hitting nearly two-month low levels. Despite the scheduled arrival of spot Ethereum ETFs by July 15, Ethereum prices dropped below $3,200.
Bitcoin has now fallen to a 2-month low, with most altcoins faring far worse. With many traders buying the dip when BTC was nearing $60K, longs have been liquidated aggressively the last couple hours. This goes for other top caps like Ethereum and Solana as well. https://t.co/OAgTPFmS6T pic.twitter.com/ivDW7GaUxB
— Santiment (@santimentfeed) July 4, 2024
Santiment noted that the crypto community sees this situation as a potential buy-the-dip opportunity. However, the firm suggests that investors should wait for the initial wave of enthusiasm to settle before making any new purchases.
According to Santiment, the ideal time to buy would be when traders become skeptical and impatient. The recent BTC price drop has led to aggressive liquidations, as many traders had bought the dip when BTC was trading around $60,000.
