Bitcoin

Joe Biden

Bitcoin price recent plunge below $67,000 has sparked discussions among investors, with fears of further declines looming. Notably, renowned analyst and veteran trader Peter Brandt, who accurately forecasted Bitcoin’s drop to $16,000 in 2022, now cautions that the cryptocurrency could plummet to $48,000.
However, he cited the dip could happen if it fails to sustain critical support levels. Meanwhile, amid the bold forecast and significant options expiry, all eyes are on Bitcoin’s next move.
<h2 id="analyst-predicts-bitcoin-price-dip-to-48k">Analyst Predicts Bitcoin Price Dip To $48K</h2>
The recent <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> drop has sent ripples through the crypto community. The flagship crypto’s failure to hold above the $67,000 mark has sparked intense speculation about its future trajectory.
Amid this, crypto market expert <a href="https://coingape.com/peter-brandt-spots-ethereum-heads-and-shoulders-pattern-what-next/" target="_blank" rel="noopener noreferrer nofollow">Peter Brandt</a>, who is also a seasoned trader with a history of accurate predictions, has issued a stark warning. In a recent post on the X platform, he outlined a potential path for Bitcoin’s decline.
In a recent X post, Peter Brandt shared a price chart of Bitcoin, while noting $65,000 and $60,000 as crucial levels for Bitcoin’s near future. According to Brandt, a drop below $65,000 could pull the price towards $60,000. Conversely, a plunge below the $60,000 level might see Bitcoin fall to $48,000.
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GP_SVORW4AAI8Cz?format=png&amp;name=900x900" alt="Bitcoin Price Chart" width="751" height="474">
 <figcaption class="wp-caption-text">
 Source: Peter Brandt, X
 </figcaption>
</figure>
However, Brandt says that while these are the most straightforward interpretations, the market can be unpredictable. In this context, he stated:
<blockquote>
 Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph.
</blockquote>
Also Read: <a href="https://coingape.com/bitcoin-etf-outflows-hit-228-2-million-amid-btc-price-dip-whats-happening/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF Outflows Hit $228 Million Amid BTC Price Dip, What’s Happening?</a>
<h2 id="macroeconomic-factors-options-expiry-in-focus">Macroeconomic Factors &amp; Options Expiry In Focus</h2>
The latest <a href="https://coingape.com/crypto-market-face-volatility-after-major-drop-us-ppi-inflation-what-next/" target="_blank" rel="noopener noreferrer nofollow">inflation</a> data from the U.S. Labor Department has shown signs of cooling. For context, May’s <a href="https://coingape.com/bitcoin-price-advances-us-cpi-inflation-cools/" target="_blank" rel="noopener noreferrer nofollow">Consumer Price Index (CPI)</a> and Producer Price Index (PPI) reports suggest cooling inflationary pressures in the nation.
Notably, this development could influence the <a href="https://coingape.com/bitcoin-book-spurs-us-bill-to-abolish-federal-reserve/" target="_blank" rel="noopener noreferrer nofollow">U.S. Federal Reserve’s</a> approach to interest rates. Having said that, if the Fed adopts a more dovish stance, it might offer some relief to the crypto market. A potential policy shift could mitigate further declines in Bitcoin’s price, providing a possible lifeline for investors.
Meanwhile, another critical factor affecting Bitcoin’s price is the recent expiry of <a href="https://coingape.com/20000-bitcoin-options-expiry-positions-max-pain-price-at-68500-whats-next/" target="_blank" rel="noopener noreferrer nofollow">20,000 Bitcoin options</a> on June 14, 2024. Options expiry events often introduce significant volatility as traders adjust their positions. Notably, the maximum pain point for this expiry was set at $68,500, indicating the price level at which most options would expire.
As of writing, <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> stayed in the red while crossing the brief $67,000 mark. Over the last 24 hours, its price saw a high of $68,337.23 and a low of $66,304.57, reflecting the volatile scenario in the market.
Furthermore, its trading volume also fell 24.55% to $27.17 billion. However, despite a drop in its price, Bitcoin Futures Open Interest rose 0.98% in the last 4 hours to 522.67K BTC or $35.14 billion.
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The post <a href="https://coingape.com/bitcoin-price-risks-crashing-48k-says-analyst-who-predicted-crash-16k-in-2022/" rel="noopener noreferrer nofollow">Bitcoin Price Risks Crashing To $48K, Says Analyst Who Predicted Crash to $16K in 2022</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Risks Crashing To $48K, Says Analyst Who Predicted Crash to $16K in 2022

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