The crypto bull market of 2021 was notorious. The market was very convinced that the price of Bitcoin would rise to at least $100,000, but then we suffered a major crash. According to a well-known analyst, it is possible that we have reached the top again and the price could drop much lower.
Prominent Analyst Warns of Bitcoin Double Top
On social media platform
If this is the case, the price could break the $56,800 barrier and could lead to a drop to around $44,000. The trader also emphasizes that the current correction is the largest since the bottom at the end of 2022.
Has Bitcoin Completed a Double Top?
yes or no????
If so, the minimum target is $44,000.
what do you think?$ Bitcoin pic.twitter.com/EpzeihHJtF– Peter Brandt (@PeterLBrandt) July 7, 2024
On the other hand, things may not all turn out to be so bad. Brandt’s fellow analyst David Valeris He sees what is called a “3-drive,” which is an upward pattern. This requires holding the low of the past few days. Unfortunately, technical analysis never provides a foolproof way to look into the future.
Moreover, the current correction seems to be part of a larger trend. Since the end of 2021, there is a possibility cup and handle formed, It ends Researcher Rod Martin.
Bitcoin sales seem to be going well.
The most intense part of the collapse happened last week with a drop of over 15%. This was not fun for miners, as they sold the most coins since December 2022. This is because miners’ profit margins have been very low since the Bitcoin halving last April. Such capitulations often occur around a major bottom.
Meanwhile, governments have been selling off large amounts of seized cryptocurrencies. This was another major source of fear, but it turned out to be overblown. The money that has flowed into the market since 2023 is far more than governments actually own.
Finally, the fear surrounding Mt. Gox is reviving a lot of fear in the market. It is feared that nearly $9 billion worth of BTC will be dumped onto the market by the creditors of the bankrupt bitcoin exchange.
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