Bitcoin Price Collapse: Analyst Forecasts $44,000 Plunge On 200 Daily EMA Breakdown
2024年7月6日 - 4:00PM
NEWSBTC
The cryptocurrency market witnessed a significant setback as the
Bitcoin price plummeted below the $58,000 level. This downward move
has raised concerns among bullish investors, suggesting a potential
continuation of the downtrend toward the $44,000 support
level. Bitcoin’s failure to consolidate above and retest its
all-time high (ATH) of $73,700, reached in March, has resulted in a
retracement of over 20% on the monthly time frame. Bitcoin Price At
Risk Crypto analyst “Blockchaineddbb” has provided a noteworthy
assessment of the situation. According to the analysis, a daily
close below the 200 daily exponential-moving average (EMA),
currently positioned at $58,000, indicates a strong likelihood of
Bitcoin’s price dropping to $44,000. The analyst cautions against
waiting for a bounce after the daily close below the 200 daily EMA,
emphasizing the historical significance of such a breach. Related
Reading: XRP Holds Bullish 2014-2017 Pattern Unless This Happens:
Analyst Blockchaineddbb’s analysis reveals the historical impact of
losing the 200 daily EMA. Each time Bitcoin experienced this loss,
its price declined by an average of 30%, with losses ranging from
8% to 50%. The breach of the 200 daily EMA signifies Bitcoin
entering an unsafe territory, heightening investor concerns. To
mitigate potential losses, the analyst suggests considering an exit
point before the expected further decline to $50,000, which is the
next significant support level. Navigating The Bearish Storm
Blockchaineddbb provides average support levels to consider during
the bearish sentiment for those who choose to hold their
positions. These levels are estimated at $50,000, $48,000,
and $44,000, with the latter being the worst-case scenario.
Long-term holders are advised to adhere to their planned averaging
strategy, which involves accumulating positions on specific dates
such as June 22, September 22, and December 22. According to
the analyst, the target exit price remains at $75,000, with
expectations of achieving this milestone by December. Considering
various factors, such as a predicted September dump, the Mt. Gox
settlement deadline, and upcoming elections, the analyst suggested
that the prevailing bearish sentiment will persist until
December. Related Reading: Is This Bad For Solana? $180
Million Transfer Raises Eyebrows Ultimately, if the current bearish
sentiment continues, altcoins are expected to suffer losses until
the year’s end. It is worth noting that a potential shift in this
scenario would only occur if Bitcoin manages to close above the 200
Daily EMA. However, the probability of that happening appears low.
Currently, the Bitcoin price stands at $56,435, just below the
critical $58,000 EMA, after falling as low as $53,500 in the early
hours of Friday trading. Featured image from DALL-E, chart
from TradingView.com
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