Bitcoin

when

Spot

Bitcoin is roughly 20% from all-time highs, and risks are trending lower, breaking from the current consolidation. After peaking in mid-March, bulls are yet to build enough momentum and overcome the roadblock at $72,000. 
<h2 id="will-bitcoin-fall-to-50-000-or-worse-analyst-thinks-so">Will Bitcoin Fall To $50,000 Or Worse? Analyst Thinks So</h2> 
While there were temporary gains in early June, the retracement in the last few trading days has seen BTC recoil, falling below $60,000 this week. Even though some traders are hopeful, one analyst took to X, <a class="editor-rtfLink" href="https://x.com/AxelAdlerJr/status/1805822038843576362" target="_blank" rel="noopener nofollow">saying</a> holders should brace for more losses in the coming days.&nbsp;&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-626527" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GQ-RklBW4AATm1K.jpeg?resize=1024%2C576" alt="Bitcoin LTH behavior | Source: @AxelAdlerJr via X" width="1024" height="576" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GQ-RklBW4AATm1K.jpeg?resize=1024%2C576?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ-RklBW4AATm1K.jpeg?resize=1024%2C576?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ-RklBW4AATm1K.jpeg?resize=1024%2C576?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ-RklBW4AATm1K.jpeg?resize=1024%2C576?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ-RklBW4AATm1K.jpeg?resize=1024%2C576?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ-RklBW4AATm1K.jpeg?resize=1024%2C576?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ-RklBW4AATm1K.jpeg?resize=1024%2C576?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Citing the spending actions of long-term holders (LTHs) in previous cycles, the analyst said there is a high probability that their habits could see BTC drop by 40% from all-time highs. 
Interestingly, data shows LTHs began selling at around $45,000. This level can act as a support region, anchoring a leg up that may see BTC finally break $72,000 and all-time highs. 
The analyst added that the current formation mirrored the discouraging decline in 2019. Then, BTC fell sharply before pushing higher, triggering a bull run.&nbsp;&nbsp; 
As of late June, Bitcoin has been roughly 20% of spot rates. If the analyst is correct, the coin could drop below May 2024 lows and as low as $48,000, breaking the round and psychological number at $50,000. <a href="https://www.tradingview.com/x/PhrcxlHq/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/PhrcxlHq/" alt="Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
Looking at the structure of the Bitcoin candlestick formation in the daily chart, the zone between $56,500 and $60,000 is supported. If sellers of June 24 flow back, pushing prices lower, there is a high probability of BTC slipping even lower. Technically, the drop will be a bearish breakout formation, a move that could catalyze even more losses. 
<h2 id="traders-are-bullish-despite-increased-outflows-from-spot-btc-etfs">Traders Are Bullish Despite Increased Outflows From Spot BTC ETFs</h2> 
Despite the bearish assessment, there are contrasting activities, especially when looking at the behavior of traders on Binance. One analyst shared data <a class="editor-rtfLink" href="https://x.com/ali_charts/status/1805931186042130782" target="_blank" rel="noopener nofollow">revealing</a> that over 72% of all accounts with open BTC positions are long. 
<img loading="lazy" decoding="async" class="size-full wp-image-626528" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GQ_0z6JXAAA5Qfz.jpeg?resize=992%2C666" alt="Binance traders bullish on BTC | Source: @ali_charts via X" width="992" height="666" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GQ_0z6JXAAA5Qfz.jpeg?resize=992%2C666?w=992 992w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ_0z6JXAAA5Qfz.jpeg?resize=992%2C666?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ_0z6JXAAA5Qfz.jpeg?resize=992%2C666?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ_0z6JXAAA5Qfz.jpeg?resize=992%2C666?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQ_0z6JXAAA5Qfz.jpeg?resize=992%2C666?w=750 750w" sizes="(max-width: 992px) 100vw, 992px" data-recalc-dims="1"> 
This resilience in the face of recent drops and the willingness to hold on despite dips is a massive boost of sentiment. It comes when the BTC market expects payment from <a href="https://www.newsbtc.com/news/market-analysis-how-will-mt-goxs-bitcoin-distribution-affect-crypto-prices/" target="_blank" rel="noopener ">Mt. Gox</a> to heap more pressure on prices. After roughly ten years, hack victims will be receiving their compensation. 
Persistent outflows from spot Bitcoin exchange-traded funds (ETFs) worsen the situation. Lookonchain <a class="editor-rtfLink" href="https://x.com/lookonchain/status/1805635434388898222" target="_blank" rel="noopener nofollow">data</a> on June 25 shows that all spot BTC ETF issuers in the United States decreased by 2,145 BTC. Of this, Fidelity decreased by 612 BTC.

Bitcoin In Red, Analyst Predicts A 40% Drop To $48,000 Before Recovery

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