Bitcoin Woes Not Over? Analyst Predicts Further Crash To $47,000
07 Luglio 2024 - 12:00AM
NEWSBTC
Although Bitcoin has reclaimed the $56,000 price level in the past
few hours, its sudden drop below $54,000 on July 5 has reminded
investors of the intense volatility associated with the market. In
the larger timeframe, Bitcoin has been down by 7% and 20.25% in the
past seven and thirty days, respectively. While many crypto
traders and analysts are still in the spirit of a bullish cycle in
the long term, the sudden price drop wasn’t surprising to some.
Notably, crypto trader @TheFlowHorse revealed that the drop to
$53,000 resonated with his target of $52,000. Similarly, Ki Young
Ju, CEO of CryptoQuant, noted the possibility of Bitcoin dropping
to $47,000. Bitcoin Could Crash To $47,000 According to Ki Young
Ju, Bitcoin is still in a bull market in the larger timeframe,
which will continue until early 2025. This school of thought
resonates with many other price outlooks for Bitcoin, especially in
the long term. Despite this bullish projection, market participants
are currently struggling with short-term bearish conditions.
Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The
Profitability Of The Top Meme Coins As Ki Young Ju noted, this
uncertainty opens up the possibility of the world’s leading digital
currency plummeting to a chilling $47,000 before finding its
footing again. With the crypto market in a prolonged slump since
the beginning of June, this bearish case scenario seems
increasingly plausible. Bitcoin, in particular, has shed billions
in value, and investor confidence is wavering. $112K at the peak of
the cycle.https://t.co/beKpUVkNXL pic.twitter.com/Esj02BYms4 — Ki
Young Ju (@ki_young_ju) July 5, 2024 Young Ju admonishes traders
not to open high-leverage long or short positions based on his
long-term bullish projections due to the prevailing uncertainty.
When asked what his long-term price target for Bitcoin was, he
noted a rise to $112,000 at the peak of the cycle. This prediction
is based on the BTC realized market cap since July 2010.
Bearish Case For Bitcoin At the time of writing, Bitcoin is trading
at $56,520 and has rebounded by 4.67% since its recent fall below
$54,000. However, despite this price recovery, the crypto faces a
significant risk of falling further amid whale selloffs, which have
amounted to over $1.7 billion in BTC in the past 30 days. Defunct
crypto exchange Mt. Gox is also starting to repay its creditors in
BTC after 10 years of inactivity. This is anticipated to unleash a
$2.71 billion supply of Bitcoin onto the market, perhaps
intensifying selling pressure. Related Reading: Shiba Inu Sees
Sharp 100% Decline In Whale Activity, Is This Good Or Bad For
Price? A reversal to the downside is not out of the books yet. If
Bitcoin were to fall to $47,000, it would represent a 16% decline
from the current price level. Market participants continue to await
how Bitcoin’s price action plays out in July, which has
historically been a positive month. Featured image created with
Dall.E, chart from Tradingview.com
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