Plunge

Bitcoin

Parallel

Reversal

Michael van de Poppe, a noted cryptocurrency expert, recently warned that <a href="https://coingape.com/price/bitcoin/">Bitcoin price </a>could fall to the $52,000 to $55,000 range if it fails to hold its current level of around $60,000. Currently, Bitcoin (BTC) exhibits a bearish trend, with its price at $60,812 after a 1.59% decline. 
<h2 id="strong-bitcoin-price-at-risk-of-significant-drop-strong">Bitcoin Price at Risk of Significant Drop</h2> 
Bitcoin’s price shows defined resistance at $61,300 and support at $60,208. The digital currency’s trading volume has decreased by 13.46%, indicating that the bearish sentiment might persist. This trend suggests that investors are possibly taking a cautious approach, awaiting clearer market directions. 
In addition, the current price stagnation near the $60,000 mark places Bitcoin at a critical juncture. Should it fail to maintain this level, van de Poppe believes a downturn is likely. This potential drop would represent a significant retreat from recent highs, and recovery could hinge on broader market changes. 
Recent econometric evaluations reveal a strong correlation between Bitcoin and major stock indices, particularly the NASDAQ 100. This connection illustrates how global economic conditions continue to influence cryptocurrency prices. Both markets are experiencing a phase of uncertainty, waiting for a shift in global liquidity conditions, which could dictate their next moves. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Bitcoin has been stuck around $60,000 for a while now. 
 If you are a veteran hodler that’s not your first time. 
 But I can understand that some people are wondering if there is a problem with Bitcoin. 
 The answer is no. This is not a Bitcoin problem, this is a risk assets… <a href="https://t.co/wGlAN0BNPQ">pic.twitter.com/wGlAN0BNPQ</a> 
 — ecoinometrics (@ecoinometrics) <a href="https://twitter.com/ecoinometrics/status/1789272090446893410?ref_src=twsrc%5Etfw">May 11, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Also Read: <a href="https://coingape.com/grayscale-draws-parallel-between-crypto-growth-canada-stock-market/">Grayscale Draws Parallel Between Crypto Growth &amp; Canada Stock Market</a> 
<h2 id="strong-btc-rsi-suggests-impending-price-reversal-strong">BTC RSI Suggests Impending Price Reversal</h2> 
On the technical front, the Relative Strength Index (RSI) for Bitcoin stands at 43.87, approaching the oversold territory. This indicator suggests that the market could continue to see downward pressure in the near term. The RSI is a key metric used by traders to gauge market sentiment and potential price reversals. 
<img decoding="async" class="aligncenter wp-image-196506" src="https://coingape.com/wp-content/uploads/2024/05/Screenshot-7.png" alt="" width="1200" height="540" srcset="https://coingape.com/wp-content/uploads/2024/05/Screenshot-7.png 1336w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-7-300x135.png 300w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-7-1224x551.png 1224w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-7-768x345.png 768w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-7-150x67.png 150w" sizes="(max-width: 1200px) 100vw, 1200px"> 
Moreover, the market’s current sentiment aligns with predictions of a further price drop. As Bitcoin struggles to find solid footing at the $60,000 level, the likelihood of a ‘final wash’ as predicted by van de Poppe grows, potentially setting the stage for a rebound only after touching lower thresholds. 
<h2 id="strong-bitcoin-etfs-outflows-impact-market-stability-strong">Bitcoin ETFs Outflows Impact Market Stability</h2> 
Recent reports have highlighted significant outflows from <a href="https://coingape.com/bitcoin-etf-records-11m-outflow-as-grayscale-exodus-continues/">Bitcoin ETF</a>s, with U.S. Bitcoin ETFs recording cumulative outflows of $230 million over the past ten days. This trend is particularly worrying as it suggests a declining investor interest in Bitcoin, at least in the short term. 
Economist <a href="https://coingape.com/economist-warns-etf-outflows-could-pressure-bitcoin-down/">Peter Schiff</a> has also commented on this trend, indicating that such outflows could exert additional downward pressure on Bitcoin’s price. Schiff, a long-time critic of Bitcoin, points out that these movements could be early indicators of a larger bearish trend in the market. 
Also Read: <a href="https://coingape.com/tron-founder-justin-sun-bags-2m-tokens-from-eigenlayer-airdrop/">Tron Founder Justin Sun Bags 2M Tokens From EigenLayer Airdrop</a> 
The post <a href="https://coingape.com/bitcoin-price-could-plunge-to-52k-analyst-predicts/">Bitcoin Price Could Plunge to $52K, Analyst Predicts</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price Could Plunge to $52K, Analyst Predicts

Table of Contents

Coingape News Media

Other articles published on May 11, 2024

Why is Crypto License in UAE (Dubai) important for the proper organization of payment business?

Shiba Inu Burnt 175 Million: Is $0.00003 on the Horizon?

Furrever Token (FURR)’s ROI Forecasts: Ethereum and Solana Challenger of 2024

Magic Eden Unveils TypeScript Update for Runes Protocol

Tron Founder Justin Sun Claims 2M Tokens in Epic EigenLayer Airdrop

Markets Tear Down the Longs Who Aped Above $63,000; Here’s Where the Bitcoin (BTC) Price May Head...

Join our free newsletter for daily crypto updates!