A crypto analyst has shared insights on the potential price movements of Bitcoin, suggesting that the cryptocurrency could experience further declines to reach lows of $52,000. The analyst pointed out that Bitcoin has recently broken key support levels, signaling a shift from a bullish to a bearish market sentiment.
Bitcoin Price Projection and Analysis
On June 21, crypto analyst Justin Bennett took to X to project a potential price crash for Bitcoin, estimating a range between $52,000 and $54,000. He emphasized that Bitcoin’s price has been trading within a narrow range, moving between support and resistance levels without a clear trend direction.
Bennett cited several factors contributing to his bearish outlook on Bitcoin, including the breakdown of a key trend line from October 2023 and market imbalances on February 26 and 27, which could lead to increased selling pressure. He also highlighted the presence of significant liquidity below the $56,500 price level, indicating a higher probability of Bitcoin dropping below $60,000.
Despite the potential for a bearish trend, Bennett mentioned the possibility of a bullish turnaround above $72,000, with an opportunity to capture liquidity at higher levels. However, he acknowledged that this scenario is less likely based on the current Bitcoin chart.
In a statement, Bennett expressed concerns about the crypto market’s reliance on the stock market and the chart patterns indicating a challenging outlook for Bitcoin.
Trends in BTC Investor Interest
Another crypto analyst, Ali Martinez, highlighted a shift in investor interest away from Bitcoin towards Ethereum, the leading altcoin. Martinez noted a decrease in on-chain activities related to Bitcoin exchanges, suggesting a waning demand for the cryptocurrency. Meanwhile, Ethereum’s social media mentions have been on the rise, indicating growing optimism among investors.
Martinez suggested that the launch of Ethereum Spot ETFs could attract significant capital inflows into the Ethereum market, potentially driving up the cryptocurrency’s price further. Similar to Bennett, Martinez also projected a potential price correction for Bitcoin towards new lows at $54,930.
As of the latest data, Bitcoin is trading at $64,265, representing a 2.87% decline over the past week, according to CoinMarketCap.
