Bitcoin Could Face Increased Selling Pressure, Potential Drop to $48,000 on the Cards
Selling pressure in the Bitcoin (BTC) market intensified after the cryptocurrency peaked at $72,000 that led to a price correction to around $66,000, which represents a decrease of almost 6.5% in the last seven days.
As of now, BTC is trading at $66,800 and has a market cap of around $1.32 trillion.
Increased Interest in Buying Bitcoin Dips
According to data from Santiment, investors started buying when the price recently dipped below $67,000.
🤑 Bitcoin’s second stop below $67K Thursday resulted in the 2nd largest spike in crowd $BTC buying interest in the past 2 months. FOMO and greed comes in two ways:
1) Price erupts and traders want to jump in with hopes of prices continue climbing (as we saw on May 20th)
2)… pic.twitter.com/44O8Y3kSiD
— Santiment (@santimentfeed) June 14, 2024
This marks the second-largest increase in BTC buying interest in the past two months, while selling interest remains relatively low.
In the meantime large investors, also known as whales, continue to accumulate BTC. According to recent data entities holding over 1,000 BTC have hit an all-time high. However, Bitcoin miners have been selling large amounts to handle the ongoing expenses after the halving.
Market Analysis and Predictions
Renowned crypto expert Rekt Capital has a totally opposite opinion to those who say that Bitcoin’s current position is actually bad for the whole cycle of the market. On the contrary – he says it is beneficial.
READ MORE: Analyst Predicts Bitcoin Could Reach $100,000 by Year’s End
Going by previous market cycles, buying BTC has not been so frequent in the period following the halving. An early start could speed up the cycle and lead us into a bear market earlier.
The fact that Bitcoin is struggling to breakout is beneficial for the overall cycle
Bitcoin has never broken out this early in the Post-Halving period
If it did, the cycle would be accelerated to such a point that the Bull Market would simply be shorter than usual
This… pic.twitter.com/cQHKWy7hPE
— Rekt Capital (@rektcapital) June 13, 2024
Rekt Capital trusts that the ongoing consolidation phase is as per historical trends and that things are in place for a more sustained upward movement.
Potential BTC Price Decline
An established stock market trader and analyst, Peter Brandt, gave his views on Bitcoin’s price movement. In the event of the Bitcoin price breaching the $65,000 level, it would probably plunge to $60,000.
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
In case it drops lower than $60,000, Peter Brandt thinks that a potential pullback of roughly 20% could lead the crypto price to a level near $48,000.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
