As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility. And let me tell you, this latest dip in Bitcoin’s price has got me feeling uneasy.
On Mondays session, Bitcoin experienced a decline of over 4%, resulting in a new price point at approximately $61,000. This downward trend may strengthen as the primary cryptocurrency seems to be shaping a potential double-top formation while it attempts to hold its support.
As a researcher studying financial markets, I’ve observed that the value of the asset dipped below a significant support level today. This development could potentially lead to a decline in its value by more than ten thousand dollars.
“Time To Panic?”
As a researcher studying the cryptocurrency market, I’ve observed an impressive growth spurt in Bitcoin this year. This upward trend has sparked similar rallies across the broader crypto sector. The primary driver of this surge can be linked to the long-awaited debut of various spot Bitcoin Exchange-Traded Funds (ETFs). These new offerings have significantly increased institutional involvement and broadened mainstream acceptance of Bitcoin as a legitimate investment asset.
Despite reaching an all-time high of close to $74,000, Bitcoin’s value has dropped significantly in recent days, plunging to around $61,000 within the last 24 hours. According to 10x Research’s assessment, this trend might not be over, and Bitcoin could slide further. The cryptocurrency may shift from its current trading range of $60,000 to $70,000 towards a bearish pattern, which could result in a more pronounced decrease.
As a crypto investor following Markus Thielen’s insights from 10x Research, I’ve taken note of his emphasis on the $61,500 mark as a significant level for Bitcoin. Unfortunately, we dipped below this price point earlier today. Should it fail to recover soon, we might see a downward spiral leading us to test the support at $50,000.
The exec’s note read,
Based on technical analysis, Bitcoin seems to be exhibiting a double top pattern at its current price level. Meanwhile, the support is being put to the test. If this pattern holds true, it will serve as our primary assumption. However, this formation could potentially lead to a significant decline in price, possibly reaching $50,000 – or even $45,000.
Double Whammy for Bitcoin
After the latest Bitcoin halving, miners have faced intense financial strain due to increased production costs. Consequently, many have been compelled to sell their Bitcoins, resulting in a noticeable decrease in their Bitcoin holdings.
According to QCP Capital’s latest findings, there has been a significant decrease of approximately 50,000 Bitcoin in the total miner reserves since the start of the year.
Deepening the market instability, reports indicate that the German government disposed of 3,000 Bitcoin, intending to sell an extra 47,000 Bitcoin imminently. Such a large-scale selling action alarmed investors, exacerbating the prevailing bearish trend.
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2024-06-24 16:02