Bitcoin

A crypto analyst has disclosed reasons why the price of Bitcoin could <a href="https://bitcoinist.com/bitcoin-investors-hammered/" rel="nofollow">witness more declines</a> to $52,000 lows. According to the analyst, Bitcoin has <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-slips-under-64000-where-next-support/">broken key support levels,</a> which indicates a potential shift from a bullish to a bearish position.&nbsp; 
<h2 id="analyst-projects-bitcoin-crash-to-52-000">Analyst Projects Bitcoin Crash To $52,000</h2> 
In a <a href="https://x.com/justinbennettfx/status/1804135129142505751?s=46" rel="nofollow">post on X</a> (formerly Twitter) on June 21, crypto analyst, Justin Bennett predicted that <a href="https://www.newsbtc.com/bitcoin-news/is-bitcoins-rally-over-new-insights-from-cryptoquant-predict-a-market-downturn/">Bitcoin could witness a price crash</a> to key ranges between $52,000 and $54,000. He shared a price chart illustrating Bitcoin’s recent decline,&nbsp; highlighting that its price remains range-bound, showing no clear downward or upward trend as it trades between support and resistance. 
<img loading="lazy" decoding="async" class="size-medium wp-image-625973" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-1-2.jpeg?w=460&amp;resize=460%2C242" alt="Bitcoin 1" width="460" height="242" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-1-2.jpeg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-1-2.jpeg?w=460&amp;resize=460%2C242 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
While Bennett believes that Bitcoin could plummet to $52,000, the analyst cited several reasons for this <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-drops-below-64000-arthur-hayes-buy-the-dip/">bearish outlook</a>. He revealed that Bitcoin has broken past a key trend line from October 2023, suggesting a shift to more bearish territory. Additionally, the analyst noted market imbalances between February 26 and 27, indicating the possibility of less accumulation and more <a href="https://www.newsbtc.com/bitcoin-news/german-governments-bitcoin-dump-surpasses-195m-as-selling-spree-persists/">selling pressure for Bitcoin</a>.&nbsp; 
Bennett also highlighted the presence of <a href="https://www.newsbtc.com/news/bitcoin-liquidity-crisis-gets-worse-what-it-means-price/">significant liquidity</a> below the $56,500 price threshold for BTC. He suggested that markets often move towards areas with higher liquidity due to the concentration of buying and selling of Bitcoin. As a result, the potential for Bitcoin to drop below $60,000 is greater.&nbsp; 
On the upside, Bennett has disclosed the possibility for Bitcoin to have a <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etfs-200000-btc/">bullish turnaround</a> above $72,000, potentially capturing liquidity at these levels. However, the analyst also considers this a less likely scenario given the current state of the Bitcoin chart.&nbsp; 
“I’ve been a supporter of crypto since I got involved in 2020, but facts are facts. The charts don’t look great, and the stock market is the only thing keeping crypto from falling off a cliff,” Bennett <a href="https://x.com/justinbennettfx/status/1803822328465309757?s=46" rel="nofollow">stated</a>.&nbsp; 
<h2 id="investor-interest-in-btc-is-waning">Investor Interest In BTC Is Waning</h2> 
In one of his latest <a href="https://x.com/ali_charts/status/1804106648279040420?s=46" rel="nofollow">X posts</a>, crypto analyst, Ali&nbsp;Martinez disclosed that investors’ interest in Bitcoin has begun to diminish. According to the analyst, BTC is <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-again-65k/">experiencing a significant downturn</a> in exchange-related on-chain activities.&nbsp;Additionally, the pioneer cryptocurrency is presently witnessing a substantial drop in its network usage, suggesting a <a href="https://www.newsbtc.com/bitcoin-news/analytics-firm-bitcoin-analysts-are-puzzled-about/">shift in demand for Bitcoin</a>.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-625974" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-2-2.jpeg?w=460&amp;resize=460%2C259" alt="Bitcoin 2" width="460" height="259" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-2-2.jpeg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin-2-2.jpeg?w=460&amp;resize=460%2C259 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Martinez has suggested that the crypto market may be <a href="https://www.newsbtc.com/analysis/eth/ethereum-outperforms-bitcoin-3650-2/">turning their attention to Ethereum</a>, the world’s largest altcoin. He disclosed that the “crowd was growing more optimistic about Ethereum,” highlighted by the surge in the cryptocurrency’s social media mentions.&nbsp; 
This change in investor sentiment could be attributed to the imminent launch of <a href="https://www.newsbtc.com/press-releases/ethereum-etfs-could-see-billions-in-first-few-weeks-of-launch-what-this-means-for-eth-altcoins/">Ethereum Spot ETFs</a>, which is expected to attract significant inflows into Ethereum’s market and potentially drive up the cryptocurrency’s price. Martinez also shares similar sentiments with crypto analyst Bennett, predicting a possible <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-crash-below-66000/">price correction for Bitcoin</a> toward new lows at $54,930.&nbsp; 
At the time of writing, the price of Bitcoin is trading at $64,265, reflecting a 2.87% decline over the past week, according to CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/6dNEeYtk/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000

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