Bitcoin

Bitcoin can still drop below $50,000 if what remains of bid support gives way, new analysis warns.
In a <a href="https://x.com/PeterLBrandt/status/1801389733597089944" target="_blank" rel="noopener nofollow">post</a> on X&nbsp;on June 14, well-known trader Peter Brandt gave Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) bulls food for thought.
<h2 data-ct-non-breakable="true" id="trader-says-bitcoin-buyers-must-hold-60-000">Trader says Bitcoin buyers must hold $60,000</h2>
Bitcoin is dividing opinion at $67,000 as disappointment builds over the latest failed BTC price breakout.
<a href="https://cointelegraph.com/news/bitcoin-back-gains-hawkish-fed-bulls-70k">After touching $70,000</a> earlier this week, BTC/USD once again abandoned its attempt to leave a stubborn trading range in place for many weeks.
Instead, regardless of the volatility that came from United States inflation data, the market returned to <a href="https://cointelegraph.com/news/bitcoin-price-68k-chicken-crypto-market-us-ppi">all-too-familiar territory</a>. 
Now, Brandt is not discounting the possibility of new long-term lows coming next.
“Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph,” he wrote, describing BTC/USD as a “chart of interest.”
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/65db2ecc-2fcf-4baa-80e5-13fc8edff2a1.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Peter Brandt
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Bitcoin last traded below the $50,000 mark in mid-February, one month before hitting current all-time highs of $73,800.
Those highs have since become formidable resistance, with data from trading suite <a href="https://www.decentrader.com/liquidity-maps/?coin=btc" target="_blank" rel="noopener nofollow">DecenTrader</a> showing the extent of liquidity in place there and beyond.
“There’s pretty thick ask depth around $70K &amp; higher; market will require some new narrative probably to bid through that,” popular trader Skew <a href="https://x.com/52kskew/status/1801292092163112971" target="_blank" rel="noopener nofollow">added</a> in part of his own analysis on June 13.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/ebd0cf29-28b9-47d1-ad96-7f7f11dfef37.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC liquidity map. Source: DecenTrader
 </figcaption>
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<h2 data-ct-non-breakable="true" id="whale-trends-counter-btc-price-gloom">Whale trends counter BTC price gloom</h2>
Not everyone subscribed to downside being the most likely BTC price direction to come.
Related: <a href="https://cointelegraph.com/news/2nd-highest-weekly-close-ever-5-things-bitcoin-this-week">2nd highest weekly close ever — 5 things to know in Bitcoin this week</a>
Bitcoin whales, some market observers noted, had <a href="https://cointelegraph.com/news/bitcoin-whales-buy-over-one-billion-bitcoin-amid-price-slump">upped BTC exposure significantly</a> at recent price levels.
The number of whale entities holding at least 1,000 BTC is near all-time highs of its own this week.
“Yes this is bullish,” Willy Woo, creator of on-chain data resource Woobull, <a href="https://x.com/woonomic/status/1801429535956643850" target="_blank" rel="noopener nofollow">wrote</a> in part of an X response.
<blockquote data-ct-non-breakable="true">
 “Every cycle in the past, the FOMO phase of the bull market starts when they start selling into the price rally (i.e. divesting from being whales).”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/962fc99e-7505-413c-8cda-da662035fee4.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with whale population data. Source: Willy Woo
 </figcaption>
</figure>
Crypto investor and YouTuber Quinten <a href="https://x.com/QuintenFrancois/status/1801499984988152078/photo/1" target="_blank" rel="noopener nofollow">referred</a> to data from the onchain analytics platform CryptoQuant, which showed whale purchases hitting $1.3 billion.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/a77a0841-19bb-481a-9b0f-662a9f0109b2.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC inflows to accumulation addresses. Source: Quinten
 </figcaption>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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