Bitcoins Price Expected to Plummet to 55000 Is it Wise to Seize the Opportunity and Invest
Key Points of the Crypto Market Turbulence
Bitcoin has encountered significant volatility, with its price declining by 3.65% intraday and 14.65% over the past month, reaching $58,830 on July 4. Amidst this downturn, crypto analyst Crypto Patel anticipates an even sharper drop, predicting a potential decrease to $55,000 due to various bearish indicators.
Crypto Patel’s Forecast
Renowned crypto analyst Crypto Patel recently shared his bearish perspective on Bitcoin (BTC). Patel highlighted a Break of Structure (BOS) in Bitcoin’s recent price action, coupled with a rejection from the Bearish Order Block (OB). These technical patterns suggest a looming decline towards $55,000 in the near term.
In a tweet dated July 4, 2024, Crypto Patel expressed his stance:
“#Bitcoin Analysis Update Hope you followed my analysis! $BTC hit Break of Structure (BOS) and made a new low, perfectly rejecting from the Bearish OB. I’m still bearish and see a potential drop to $55,000. Expecting a new OB to form at $61k-$62k, leading to a small pump…”
Patel also noted the formation of a new OB in the $61,000-$62,000 range, which he believes could trigger a brief price increase before a subsequent downturn. His analysis underscores potential scenarios where Bitcoin might even touch around $53,700.
Markus Thielen’s View: A Double-Top Concern
Adding to the pessimistic sentiment, Markus Thielen, founder of 10x Research, has warned of a potential decline in Bitcoin’s value towards $50,000. Thielen’s analysis points towards a looming double-top pattern, indicating two similar price peaks with a minor dip in between. According to Thielen, a breach below the neckline of this pattern could lead to a significant price drop equivalent to the distance between the peaks and the neckline.
Santiment’s Market Insight
On-chain data provider Santiment reported substantial sell-offs across Bitcoin and alternative cryptocurrencies, marking nearly two-month lows in trading volumes. Despite upcoming spot Ethereum ETFs by mid-July, Ethereum prices have slipped below $3,200.
In their analysis, Santiment identifies a possible buy-the-dip opportunity amidst the market downturn. However, they caution investors to wait until the initial buying enthusiasm subsides before considering new purchases. Santiment suggests that the ideal buying moment typically occurs when market sentiment turns skeptical and impatient.
Conclusion
The cryptocurrency market remains highly volatile, as evidenced by recent price movements and expert analyses. Crypto Patel and Markus Thielen both anticipate potential downturns in Bitcoin’s price, citing technical patterns and market indicators. Meanwhile, Santiment advises caution amid heavy sell-offs, emphasizing patience for opportune buying moments amidst the ongoing market turbulence.