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Bitcoin Price Prediction: Analysts Forecast BTC to Drop to $50K Before Parabolic Surge

Bitcoin's price is predicted to undergo a significant decline to reach $50,000 before initiating a larger parabolic surge, according to several prominent analysts in the crypto world. The formation of a "double-top" price pattern currently unfolding serves as the primary indicator for this potential downturn.

Double-Top Pattern: Strong Bearish Signal Markus Thielen, founder of 10x Research, explained in an analyst note published on June 24 that Bitcoin is following a technical double-top pattern and currently testing its support levels.

This pattern forms when the price reaches two similar peaks with a slight decline in between, maintaining support above a common line known as the "neckline." The pattern typically completes when the price falls below the neckline, potentially dropping by the distance between the peaks and neckline.

"Bitcoin could transition from trading within the current range ($60,000-$70,000) to forming a top formation, which could lead to sharper declines," said Thielen. "This formation could easily see a drop to $50,000—or even $45,000."

Thielen added that despite potential positive impacts from the upcoming US elections and Consumer Price Index (CPI), Bitcoin's price could still undergo a sharper correction.

Impact of Decline and Post-Halving Speculation Recent Bitcoin trading has indeed shown high volatility. After nearly hitting $70,000, nearing its all-time high, BTC's price has now dropped to $63,000. This decline is largely attributed to quick sell-offs by miners, profit-taking by investors near lifetime peaks, and outflows from US-listed exchange-traded funds (ETFs).

Several leading crypto traders speculate on Bitcoin's price post the halving event on April 20, which reduced Bitcoin miner block rewards by 50%, from 6.25 BTC to 3.125 BTC. Crypto trader Jelle noted that current Bitcoin price action mirrors the post-2016 halving cycle and is "circling around the previous cycle peak."

Jelle stated this is part of a "shakeout effect," where much uncertainty is released at the current prices. "Either this is really overdone, or we are close to the low point," added Jelle in a post on X on June 24.

Short-Term Perspective and Expectations Meanwhile, crypto trader Rekt Capital believes there is significant potential for further upward movement in the short term. In a post on June 24, he stated that the market is currently approximately 40% through the "bull market" phase.

This suggests that the recent dip in BTC prices below $60,000 provides buyers an opportunity to accumulate more as prices fall before Bitcoin enters a "parabolic uptrend."

On the other hand, upcoming economic data could also play a crucial role in Bitcoin price movements. The Personal Consumption Expenditures (PCE) price index for May, the Federal Reserve's preferred inflation gauge, is expected to show the slowest monthly increase in three years. This could strengthen the case for a Fed interest rate cut starting as early as September, potentially supporting risk assets including Bitcoin.

In a weekly bulletin shared with CoinDesk, Greg Magadini, director of derivatives at Amberdata, said, "Strong recent economic data has pushed bond yields higher and precious metals lower on Friday. This continues to hinder digital hard assets like crypto."

With several Fed governors scheduled to speak, along with GDP and PCE data releases this week, economists expect no significant changes in the PCE price index and only a slight 0.1% increase in core PCE, which is a 2.6% year-over-year rise.

Source: https://news.nanovest.io/berita/prediksi-harga-bitcoin-analis-perkirakan-btc-turun-ke-50k-sebelum-lonjakan-parabola-9605/

Trump in talks to speak at major Bitcoin event and supports crypto #News #Bitcoin #crypto #BTC #Mining

https://grafa.com/news/trump-in-talks-to-speak-at-major-bitcoin-event-and-supports-crypto-239812?utm_source=reddit&medium=social&campaign=239812

Why Hugewin Casino is the Ultimate Destination for Crypto Gamers in 2024

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Today's Top #1: Bitcoin's June Crash: How Miner Sell-Offs Triggered a Market Meltdown

tldr; June has been a challenging month for Bitcoin, with significant price declines attributed to large-scale sell-offs by Bitcoin miners. Following a halving event that reduced their rewards and squeezed profit margins, miners sold over 30,000 BTC, valued at approximately $2 billion, marking the fastest sell-off pace in over a year. This surge in sales, coupled with lackluster price movement and the need to cover operational costs, led to a plummet in Bitcoin's price from around $70,000 to below $63,000. Analysts suggest that Bitcoin's recovery depends on the exit of weaker miners and a subsequent recovery in hash rate, but it remains vulnerable to further declines if selling pressure continues and significant supply barriers are not overcome.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

https://www.reddit.com/r/CryptoCurrency/comments/1dnhkgy/bitcoins_june_crash_how_miner_selloffs_triggered/

BTC CMBOT-BTC Report JUNE 24 2024 (SHARE)

Determining precise buy and sell points involves analyzing various factors and levels indicated on the chart. Based on the current technical setup in the provided chart, here are some potential buy and sell strategies:

Potential Buy Points:

1. Near Support Levels:
   • $60,146 - $59,313: This range is highlighted as a significant support zone. Given that the price is approaching this area and the RSI is oversold, a bounce from this level is possible.
   • $58,226 - $58,247: This area is marked by a circled region on the chart, suggesting a potential reversal zone. Buying in this range could be considered if there are signs of stabilization and reversal.

Potential Sell Points:

1. Near Resistance Levels:
   • $63,654 - $64,115: If there is a rebound from the support levels, these resistance levels are the first potential sell targets. Traders might look to take profit here.
   • $66,265 - $67,416: These are higher resistance levels that might come into play if the price continues to recover. Selling near these levels could be considered if the upward momentum persists.

Strategy:

1. Buy Strategy:
   • At $60,146 - $59,313: Enter a buy order if there are signs of price stabilization, such as smaller candlesticks with wicks indicating rejection of lower prices or increased buying volume.
   • At $58,226 - $58,247: Place a buy order with a tight stop-loss below the recent low if the price shows signs of bouncing back.
2. Sell Strategy:
   • At $63,654 - $64,115: Set sell orders near these resistance levels to take advantage of a potential rebound. Adjust the stop-loss to break-even or slightly above the entry point to secure profits.
   • At $66,265 - $67,416: If the price continues to rise and breaks through initial resistance levels, consider selling at these higher levels to maximize profit.

Risk Management:

• Stop-Loss: Always place a stop-loss order to protect against significant losses. For buys near $60,146 - $59,313, consider a stop-loss just below $59,288. For buys near $58,226 - $58,247, a stop-loss just below the recent low around $55,651 might be appropriate.
• Position Sizing: Adjust the size of your positions based on your risk tolerance and overall portfolio strategy. Avoid over-leveraging.

Additional Considerations:

• Volume Confirmation: Look for increasing volume as the price approaches the support levels, which can indicate stronger buying interest.
• Market Sentiment: Monitor broader market conditions and news that might impact Bitcoin's price, such as regulatory developments, macroeconomic factors, or significant market events.

By carefully analyzing these levels and using proper risk management techniques, you can devise a strategy to buy and sell based on the chart's technical indicators.

This is for educational purposes only.

For more... find the key... the riddle

Bitcoin Analysis: Price at $64,110, Oversold Signals 📉 Scarcity and Institutional Investments Point to Long-Term Growth 🚀 Hold Position with Confidence

Technical Analysis

Bitcoin's latest closing price on June 23, 2024, stood at $64,110.50, reflecting a slight decline of 0.26% from the previous trading day. The price traded within a tight range, with the low at $63,882 and the high at $64,618. Key indicators highlight mixed signals: the RSI14 is extremely low at 19, suggesting the asset is significantly oversold. The MACD over a three-month period is in the negative territory at -969.19, indicating bearish momentum.

The 50-day moving average is $66,568.16, currently above the trading price, potentially acting as resistance. The 200-day moving average is at $57,377.80, suggesting that the longer-term trend is still upward. With support at $63,486.85 and resistance at $64,198.30, a breakout beyond these levels could dictate the next price movement.

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Fundamental Analysis

Bitcoin's market capitalization of approximately $1.17 trillion underscores its substantial market presence. The 24-hour trading volume of $18.21 billion, though lower than the average volume of $29.46 billion, indicates a healthy but slightly diminished trading activity.

The absence of earnings per share (EPS) and price-to-earnings ratio (PE) metrics is typical for crypto-assets, as these metrics are more relevant to traditional equity markets. Bitcoin's scarcity, as augmented by the upcoming halving event, is expected to strengthen its long-term demand.

Recent news highlights conflicting short-term pressures and long-term bullish sentiments. Chamath Palihapitiya’s projection of a potential rise to $500,000 by October 2025 adds long-term optimism. Conversely, sell-offs from sources such as Mt. Gox and the German government could augment selling pressure in the short term, putting the price at risk of falling below $60,000. Institutional investments in Bitcoin miners, such as Hut 8’s $150 million influx, also points to a robust industry outlook.

Short-term Predictions

For the next trading day (June 24, 2024), Bitcoin exhibits potential volatility but is likely to trade near the support level of $63,486.85. Over the upcoming week, the price action is expected to remain mixed; heightened by ongoing sell pressures and possible rebound attempts, likely stabilizing around the $64,000 mark barring significant market disruptions.

Intrinsic Value and Long-term Investment Potential

The intrinsic value of Bitcoin is bolstered by its fixed supply, increasing scarcity, and broad adoption as a digital store of value. Long-term investment potential remains high, reinforced by strong institutional interest and favorable macroeconomic trends. Price forecasts suggesting an immense future valuation underscore its appeal to long-term holders.

Evaluation: Hold

Given combined technical and fundamental factors, Bitcoin is best categorized as a 'Hold'. Despite short-term pressures and possible price corrections, long-term prospects are promising due to increasing scarcity and institutional investment backing. Investors holding Bitcoin should maintain their positions, anticipating potential growth, particularly as macroeconomic conditions evolve.

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