Bitcoin’s price remains stagnant despite significant purchases by large holders, or “whales,” sparking concerns it could fall below $50,000 if current support levels fail.
According to new analysis, Bitcoin might still dip under $50,000 if the remaining bid support weakens.
Well-known trader Peter Brandt shared his insights on X (formerly Twitter) on June 14, suggesting a potential downside for Bitcoin.
Prominent trader Peter Brandt shared his thoughts on X (formerly Twitter) on June 14, suggesting a potential downside for Bitcoin enthusiasts.
Bitcoin Buyers Must Maintain the $60,000 Level
Bitcoin’s price hovers around $67,000, causing division among traders as another failed breakout attempt has led to frustration. After briefly reaching $70,000 earlier this week, BTC/USD fell back into a familiar trading range that has persisted for weeks.
Despite fluctuations influenced by U.S. inflation data, Bitcoin hasn’t managed to break out of this range. Brandt cautioned that further declines are possible.
“Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph,” Brandt stated, labeling BTC/USD as a “chart of interest.” He suggested that if Bitcoin falls below $65,000, it could slide to $60,000, and breaking $60,000 might lead to a drop to $48,000.
Bitcoin last traded below $50,000 in mid-February, just a month before reaching its current all-time high of $73,800. These highs have now become a significant resistance level, with trading suite DecenTrader highlighting the substantial liquidity barriers around and above $70,000. Trader Skew noted, “There’s pretty thick ask depth around $70K & higher; market will require some new narrative probably to bid through that.”
Summary Review: As Bitcoin’s price continues to hover in a narrow range, the market remains divided on its next move. While some analysts warn of potential drops to $48,000, significant whale activity provides a counterpoint, suggesting bullish potential. The coming weeks will be crucial in determining whether Bitcoin can break through its current resistance levels or if a new downturn is on the horizon.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
