Although bitcoin has reclaimed the $56,000 price level in the past few hours, its Sudden drop below $54,000 On July 5, he reminded investors of the intense volatility Market-related. On a broader time frame, bitcoin has fallen 7% and 20.25% over the past seven and thirty days, respectively.
While many crypto traders and analysts are still in the spirit of a long-term bullish cycle, the sudden price drop did not come as a surprise to some. Notably, crypto trader @TheFlowHorse revealed that the drop to $53,000 resonated with his target of $52,000. Similarly, Ki Young Ju, CEO of CryptoQuant, noted the possibility of bitcoin falling to $47,000.
bitcoin price could plummet to $47,000
According to Ki Young Ju, bitcoin is Still in a bull market in the broader time frame, which will continue until early 2025. This school of thought resonates with many other price outlooks for bitcoin, especially in the long term. Despite this bullish projection, market participants are currently struggling with bearish conditions in the short term.
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As Ki Young Ju pointed out, this uncertainty opens up the possibility that the world’s leading digital currency could plummet to a chilling $47,000 before regaining its footing. With the cryptocurrency market in a prolonged slump since early June, this bearish scenario seems increasingly plausible. bitcoin, in particular, has lost billions in value and investor confidence is wavering.
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$112,000 at the peak of the cycle.https://t.co/beKpUVkNXL image.twitter.com/Esj02BYms4
— Ki Young Ju (@ki_young_ju) twitter.com/ki_young_ju/status/1809260308009038014?ref_src=twsrc%5Etfw” rel=”nofollow”>July 5, 2024
Young Ju warns traders not to open long or short positions with high leverage based on their long-term bullish projections due to the prevailing uncertainty. When asked what his long-term target price for bitcoin was, he x.com/ki_young_ju/status/1809260308009038014″ rel=”nofollow”>noticed an increase at $112,000 at the peak of the cycle. This prediction is based on btc’s realized market cap since July 2010.
Bearish case for bitcoin
At the time of writing, bitcoin is trading at $56,520 and has rebounded 4.67% since its recent drop below $54,000. However, despite this price recovery, the cryptocurrency faces a significant risk of falling. bitcoin-whales-sold-1-8-billion-btc-past-month-data/” rel=”nofollow”>Even more so amid massive whale saleswhich have amounted to over $1.7 billion in btc in the past 30 days. The defunct cryptocurrency exchange Mt. Gox is also btc-and-bch-amount-but-investors-worry/” rel=”nofollow”>Starting to pay your creditors in btc after 10 years of inactivity. This is expected to release a supply of $2.71 billion worth of bitcoin into the market, perhaps intensifying selling pressure.
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A reversal to the downside is not yet ruled out. If bitcoin were to fall to $47,000, it would represent a 16% decline from the current price level. Market participants continue to wait to see how bitcoin's price action will develop. It takes place in July, which has historically been a positive month.
Featured image created with Dall.E, chart from Tradingview.com
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