Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break
14 Junho 2024 - 9:00PM
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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