Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,129,780,151	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,129,780,151

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.001627	-1.39%	0.115136	0.115103	0.115137

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.001627

-1.39%

0.115136

0.115103

0.115137

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.116773	0.112948	0.116763	0.116763	0.068046 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.116773

0.112948

0.116763

0.068046 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	11:59:50	42.26	0.115136	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

11:59:50

42.26

0.115136

USD

Price x Volume	Volume	Base Symbol	Related Pairs
112,893.34	985,217.12	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

112,893.34

985,217.12

Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break

15/06/2024 1:00am

NEWSBTC

Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally. This analysis comes as Bitcoin’s current trading behavior exhibits signs that might concern short-term investors. Related Reading: Financial Giant AllianceBernstein Predicts Bitcoin At $1 Million, Here’s When Bitcoin’s Precarious Path: Potential Drop and Subsequent Rally Brandt’s analysis indicates that if Bitcoin breaks the $65,000 threshold, it could trigger a further drop to around $60,000, potentially dipping as low as $48,000. So far, Bitcoin has struggled to sustain momentum above the $70,000 mark, showing a decline of 5.6% over the past week to a current value of $67,170. Despite the somewhat grim short-term outlook, Brandt identifies a silver lining with the potential for substantial recovery. His analysis outlines the immediate risks and hints at a rebound, which he terms the “pump” phase following the “dump.” Chart of interest – Bitcoin $BTC Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this: Break through 65,000, then mkt goes to 60,000 Break through 60,000 mkt goes to 48,000 pic.twitter.com/JsXXVx2EhV — Peter Brandt (@PeterLBrandt) June 13, 2024 According to Brandt, this pattern typifies the volatile nature of cryptocurrency markets and could serve as a pivotal moment for investors. Earlier in the year, he made similar observations when Bitcoin was trading at $42,300, suggesting these cycles are common features of bull markets and play a crucial role in distinguishing between novice traders and experienced investors. JPMorgan Cautions On Bitcoin Touted ETF Demand Meanwhile, financial institutions like JPMorgan have scrutinized the broader implications of market dynamics on Bitcoin’s valuation. JPMorgan has recently highlighted concerns regarding the overestimation of demand for Bitcoin ETFs. Their analysis suggests that much of the recent inflow into Bitcoin ETFs does not represent new capital but rather a rotation from traditional cryptocurrency exchange wallets to “more regulated and seemingly secure” ETFs. This shift has been driven by “cost-effectiveness, regulatory protection, and deeper liquidity” ETFs offer over conventional crypto wallets. JPM SAYS #BITCOIN ETF DEMAND OVERSTATED BY 2x –> “Not all of these inflows represent fresh money entering the crypto space as we believe there has likely been a significant rotation away from digital wallets on exchanges to the new spot bitcoin ETFs. This is due to the cost… pic.twitter.com/l23mDv4Gmd — matthew sigel, recovering CFA (@matthew_sigel) June 13, 2024 Moreover, following the introduction of spot ETFs, there has been a noticeable decline in BTC reserves on exchanges, indicating that while ETFs are becoming a preferred vehicle for Bitcoin exposure, the overall increase in institutional demand might not be as strong as previously thought. Related Reading: Bitcoin Bears Gain Control: Further Drops on the Horizon JPMorgan estimates that actual net flows into Bitcoin ETFs since January stand at about $12 billion, challenging the bullish narrative of massive institutional demand. Featured image created with DALL-E, Chart from TradingView

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