Bitcoin’s price could potentially drop below $50,000 if the remaining bid support falters, according to a recent analysis that has caught the attention of traders.
In a post on X on June 14, renowned trader Peter Brandt shared his thoughts on the current state of Bitcoin (BTC) and issued a warning to bullish investors. Brandt emphasized the importance of buyers holding the $60,000 level, as the cryptocurrency struggles to break past the $67,000 mark amid growing disappointment over failed price breakouts.
Despite briefly touching $70,000 earlier in the week, BTC/USD has once again failed to break out of its long-standing trading range. Despite the recent volatility caused by US inflation data, the market has reverted to familiar levels, prompting Brandt to suggest the possibility of new long-term lows.
Brandt cautioned that while some chart interpretations may seem obvious, they often change over time. He described the BTC/USD chart as one of interest, hinting at potential future developments.
Bitcoin last traded below $50,000 in mid-February, just before reaching its current all-time highs of $73,800. These highs have now turned into strong resistance levels, as shown by data from trading platform DecenTrader indicating significant liquidity around the $70,000 mark.
Despite the gloomy price outlook, some market observers have noted a significant increase in BTC exposure among whales at current price levels. The number of whale entities holding at least 1,000 BTC is nearing all-time highs, indicating bullish sentiment among large investors.
Crypto analyst Willy Woo and investor Quinten have also highlighted the bullish trends among whales, with data from on-chain analytics platforms showing significant purchases by these large holders.
It’s important to note that this article does not provide investment advice. Readers are advised to conduct their own research and consider the risks associated with investing and trading in cryptocurrencies before making any decisions.