ethereum-could-hit-the-12000-mark-before-the-end-of-this-cycle/” target=”_blank” rel=”nofollow”>Cryptoanalyst Justin Bennett has presented a bearish narrative for the bitcoin-reaches-trillion-dollar-valuation-how-it-stacks-up-to-stocks-gold-more/” target=”_blank” rel=”nofollow”>bitcoin flagship crypto token. Based on their analysis, bitcoin is likely to fall back below the $50,000 level before continuing to rise.
bitcoin could fall again to as low as $47,000
In a post on This statement arose from his belief that the crypto token will soon see a price pullback. He also reminded his followers how “bitcoin size bitcoin-rise-hinges-on-etf-approval-analyst/” target=”_blank” rel=”nofollow”>significant peaks.”
The cryptanalyst suggested that $52,000 was a “significant high” and that a Price correction could be imminent.. Bennett added that his prediction could be invalidated if btc experiences a sustained break above $53,500. Meanwhile, he also compared stocks-retrace-push-bitcoin-down-before-christmas/” target=”_blank” rel=”nofollow”>bitcoin and US stocksstating that there was a continuous correlation between them.
Bennett also disagrees that bitcoin's rally could be longer this cycle, especially considering the demand that the bitcoin-etfs-since-launch/” rel=”nofollow”>btc Spot ETF they are watching. He fixed his indifference towards these funds and mocked how everyone predicted that they would send bitcoin to a possible all-time high (ATH).
From a technical analysis perspective, the crypto analyst was more concerned about btc price action and commented that “the chart will tell the story.”
btc Fundamentals Are Getting Stronger
While Bennett predicts that bitcoin will fall soon, it is worth mentioning that the crypto token's fundamentals are strengthening, which could also dictate price action. Citing data from Glassnode, bitcoin-push-beyond-50000-era-hope-what-comes-next/” target=”_blank” rel=”nofollow”>crypto analyst Ali Martínez recently revealed that the amount of btc held in known crypto exchange wallets has fallen to its lowest level in six years.
As Martínez highlights, this suggests that the market sentiment around the flagship cryptocurrency is changing, and most investors are looking to hold it for the long term.
This is considered a positive and bullish development for the price of bitcoin, as the amount of btc that can be acquired is reduced further, creating some type of shortage.
The crypto analyst had also recently mentioned how bitcoin holders are currently in a belief phase, indicating possible future gains for btc.
According to data from CoinMarketCap, bitcoin is trading at around $51,900 at the time of writing, up more than 2% in the last 24 hours.
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