Bitcoin’s Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst
2024年6月26日 - 4:00AM
NEWSBTC
Recent trends in the Bitcoin market have shown a significant
flushing out of leverage, a process commented on by prominent
crypto analyst Willy Woo. While this corrective phase has seen
Bitcoin’s price fall to as low as $58,000 yesterday, it has
partially rebounded, currently trading around the $61,500 mark.
However, the journey could be smoother, as ongoing liquidations and
market adjustments pose challenges. Related Reading: Is The Bitcoin
Bottom In? Here’s What 7 Experts Say Analyzing The Depth Of Current
Market Correction Woo’s insights highlight that Bitcoin’s market
correction hasn’t been done despite the recent recovery.
Particularly, the market continues to grapple with the impact of
post-halving miner capitulations and the high costs associated with
mining hardware upgrades. These factors contribute to the ongoing
pressure on weaker miners, forcing them out of the market and
potentially leading to further price drops. According to Woo, while
Bitcoin has slightly recovered, the overall market sentiment
remains cautious. Technical indicators suggest that although
Bitcoin could rebound from recent lows, there is still potential
for a further drop. Short term technicals point to a reversal
playing out here. 2 hours away from a TD9 reversal on daily
candles. If this plays out, then we go into a hidden bullish
divergence to correct for the overselling of the market.
pic.twitter.com/TPWRhmeGYn — Willy Woo (@woonomic) June 24, 2024
Woo predicts that Bitcoin could see a descent to $54,000 if current
support levels fail. This key threshold may trigger another
round of liquidations and potentially usher in a bearish phase for
short-term holders. The importance of this price level lies in its
role as a demarcation line between bearish and bullish market
regimes. Falling below it, especially given the current
macroeconomic setup, could significantly affect Bitcoin’s price
trajectory. Bitcoin Bearish Market Ongoing, But Don’t Despair
Adding to the conversation, Billy Markus, co-creator of Dogecoin,
shares a somewhat philosophical take on handling the current crypto
market’s bearish phase. He advises investors to view their crypto
investments with detachment, likening it to “throwing money into a
fire.” Such a mindset, he argues, could help weather the emotional
rollercoaster of market ups and downs. Related Reading: SkyBridge
Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US
Presidential Candidate Wins Meanwhile, renowned investor Robert
Kiyosaki, author of “Rich Dad Poor Dad,” expressed his strategy in
light of the recent downturn. Kiyosaki, a vocal supporter of
Bitcoin, views the current price dip as a buying opportunity,
advocating a long-term investment approach akin to Warren Buffett’s
philosophy of “buy and hold on forever.” Bitcoin is crashing. Most
people should sell. I am waiting to buy more. All markets go up and
down. Many people make a lot of money “trading” markets which means
buying low and hopefully selling low. The problem with “trading”
any asset is taxes, specifically “short term”… — Robert Kiyosaki
(@theRealKiyosaki) June 24, 2024 Featured image created with
DALL-E, Chart from TradingView
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