{"id":624729,"date":"2024-06-15T00:00:30","date_gmt":"2024-06-15T00:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=624729"},"modified":"2024-06-14T17:07:36","modified_gmt":"2024-06-14T17:07:36","slug":"bitcoin-could-plunge-below-50000-if-these-key-levels-break","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-could-plunge-below-50000-if-these-key-levels-break\/","title":{"rendered":"Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break"},"content":{"rendered":"<p>Renowned trader Peter Brandt recently <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/97089944?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">provided<\/a> insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally.<\/p>\n<p>This analysis comes as Bitcoin&#8217;s current trading behavior exhibits signs that might concern short-term investors.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/alliancebernstein-bitcoin-prediction-1-million-heres-when\/\" target=\"_blank\" rel=\"noopener \">Financial Giant AllianceBernstein Predicts Bitcoin At $1 Million, Here\u2019s When<\/a><\/div>\n<h2>Bitcoin&#8217;s Precarious Path: Potential Drop and Subsequent Rally<\/h2>\n<p>Brandt\u2019s analysis indicates that if Bitcoin breaks the $65,000 threshold, it could trigger a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bears-66k\/\" target=\"_blank\" rel=\"noopener \">further drop<\/a> to around $60,000, potentially dipping as low as $48,000.<\/p>\n<p>So far, Bitcoin has struggled to sustain momentum above the $70,000 mark, showing a decline of 5.6% over the past week to a current value of $67,170.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/xw3f44Xq\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" rel=\"nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Despite the somewhat grim short-term outlook, Brandt identifies a silver lining with the potential for <a href=\"https:\/\/wncen.com\/news\/bitcoin\/alliancebernstein-bitcoin-prediction-1-million-heres-when\/\" target=\"_blank\" rel=\"noopener \">substantial recovery<\/a>. His analysis outlines the immediate risks and hints at a rebound, which he terms the <a href=\"https:\/\/wncen.com\/news\/bitcoin-make-or-break-moment-trading-guru-predicts\/\" target=\"_blank\" rel=\"noopener \">&#8220;pump&#8221; phase following the &#8220;dump.&#8221;<\/a><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Chart of interest &#8211; Bitcoin <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a><br \/>\nSometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this:<br \/>\nBreak through 65,000, then mkt goes to 60,000<br \/>\nBreak through 60,000 mkt goes to 48,000 <a href=\"https:\/\/t.co\/JsXXVx2EhV\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/JsXXVx2EhV<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/97089944?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">June 13, 2024<\/a><\/p><\/blockquote>\n<p>According to Brandt, this pattern typifies the volatile nature of cryptocurrency markets and could serve as a pivotal moment for investors.<\/p>\n<p>Earlier in the year, he made <a href=\"https:\/\/x.com\/PeterLBrandt\/status\/92097117\" target=\"_blank\" rel=\"noopener nofollow\">similar observations<\/a> when Bitcoin was trading at $42,300, suggesting these cycles are common features of bull markets and play a crucial role in distinguishing between novice traders and experienced investors.<\/p>\n<h2>JPMorgan Cautions On Bitcoin Touted ETF Demand<\/h2>\n<p>Meanwhile, financial institutions like JPMorgan have scrutinized the broader implications of market dynamics on Bitcoin\u2019s valuation. JPMorgan has recently highlighted concerns regarding the overestimation of demand for Bitcoin ETFs.<\/p>\n<p>Their analysis suggests that much of the recent inflow into Bitcoin ETFs does not represent <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-breakout-blueprint-analyst-reveals-roadmap-for-imminent-surge\/\" target=\"_blank\" rel=\"noopener \">new capital<\/a> but rather a rotation from traditional cryptocurrency exchange wallets to &#8220;more regulated and seemingly secure&#8221; ETFs.<\/p>\n<p>This shift has been driven by &#8220;cost-effectiveness, regulatory protection, and deeper liquidity&#8221; ETFs offer over conventional crypto wallets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">JPM SAYS <a href=\"https:\/\/twitter.com\/hashtag\/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#BITCOIN<\/a> ETF DEMAND OVERSTATED BY 2x &#8211;&gt;<\/p>\n<p>&#8220;Not all of these inflows represent fresh money<br \/>\nentering the crypto space as we believe there has likely<br \/>\nbeen a significant rotation away from digital wallets on<br \/>\nexchanges to the new spot bitcoin ETFs. This is due to the<br \/>\ncost\u2026 <a href=\"https:\/\/t.co\/l23mDv4Gmd\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/l23mDv4Gmd<\/a><\/p>\n<p>\u2014 matthew sigel, recovering CFA (@matthew_sigel) <a href=\"https:\/\/twitter.com\/matthew_sigel\/status\/03265600?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">June 13, 2024<\/a><\/p><\/blockquote>\n<p>Moreover, following the introduction of spot ETFs, there has been a noticeable<a href=\"https:\/\/wncen.com\/news\/2-5-billion-in-bitcoin-flows-out-of-centralized-exchanges-time-to-buy\/\" target=\"_blank\" rel=\"noopener \"> decline in BTC reserves on exchanges<\/a>, indicating that while ETFs are becoming a preferred vehicle for Bitcoin exposure, the overall increase in institutional demand might not be as strong as previously thought.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bears-66k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Bears Gain Control: Further Drops on the Horizon<\/a><\/div>\n<p>JPMorgan estimates that actual net flows into Bitcoin ETFs since January stand at about $12 billion, challenging the bullish narrative of massive institutional demand.<\/p>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally. This analysis comes as Bitcoin&#8217;s current trading behavior exhibits signs that might concern short-term investors. Related Reading: Financial Giant AllianceBernstein Predicts Bitcoin At $1 Million, Here\u2019s When Bitcoin&#8217;s Precarious Path: Potential Drop and Subsequent Rally Brandt\u2019s analysis indicates that if Bitcoin breaks the $65,000 threshold, it could trigger a further drop to around $60,000, potentially dipping as low as $48,000. So far, Bitcoin has struggled to sustain momentum above the $70,000 mark, showing a decline of 5.6% over the past week to a current value of $67,170. Despite the somewhat grim short-term outlook, Brandt identifies a silver lining with the potential for substantial recovery. His analysis outlines the immediate risks and hints at a rebound, which he terms the &#8220;pump&#8221; phase following the &#8220;dump.&#8221; Chart of interest &#8211; Bitcoin $BTC Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this: Break through 65,000, then mkt goes to 60,000 Break through 60,000 mkt goes to 48,000 pic.twitter.com\/JsXXVx2EhV \u2014 Peter Brandt (@PeterLBrandt) June 13, 2024 According to Brandt, this pattern typifies the volatile nature of cryptocurrency markets and could serve as a pivotal moment for investors. Earlier in the year, he made similar observations when Bitcoin was trading at $42,300, suggesting these cycles are common features of bull markets and play a crucial role in distinguishing between novice traders and experienced investors. JPMorgan Cautions On Bitcoin Touted ETF Demand Meanwhile, financial institutions like JPMorgan have scrutinized the broader implications of market dynamics on Bitcoin\u2019s valuation. JPMorgan has recently highlighted concerns regarding the overestimation of demand for Bitcoin ETFs. Their analysis suggests that much of the recent inflow into Bitcoin ETFs does not represent new capital but rather a rotation from traditional cryptocurrency exchange wallets to &#8220;more regulated and seemingly secure&#8221; ETFs. This shift has been driven by &#8220;cost-effectiveness, regulatory protection, and deeper liquidity&#8221; ETFs offer over conventional crypto wallets. JPM SAYS #BITCOIN ETF DEMAND OVERSTATED BY 2x &#8211;&gt; &#8220;Not all of these inflows represent fresh money entering the crypto space as we believe there has likely been a significant rotation away from digital wallets on exchanges to the new spot bitcoin ETFs. This is due to the cost\u2026 pic.twitter.com\/l23mDv4Gmd \u2014 matthew sigel, recovering CFA (@matthew_sigel) June 13, 2024 Moreover, following the introduction of spot ETFs, there has been a noticeable decline in BTC reserves on exchanges, indicating that while ETFs are becoming a preferred vehicle for Bitcoin exposure, the overall increase in institutional demand might not be as strong as previously thought. Related Reading: Bitcoin Bears Gain Control: Further Drops on the Horizon JPMorgan estimates that actual net flows into Bitcoin ETFs since January stand at about $12 billion, challenging the bullish narrative of massive institutional demand. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":624743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,678,1119,78790,6664],"class_list":["post-624729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\n<title>Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break<\/title>\n<meta name=\"description\" content=\"Renowned trader Peter Brandt recently provided his insights on Bitcoin potential market movements, projecting a challenging period...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-could-plunge-below-50000-if-these-key-levels-break\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-could-plunge-below-50000-if-these-key-levels-break\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-14-16.50.09-A-dramatic-digital-artwork-depicting-a-financial-chart-showing-Bitcoins-price-rapidly-dropping-below-50000.-The-background-features-a-stormy-sky-wi.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-14-16.50.09-A-dramatic-digital-artwork-depicting-a-financial-chart-showing-Bitcoins-price-rapidly-dropping-below-50000.-The-background-features-a-stormy-sky-wi.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin market","bitcoin prediction","btc","btcusdt","crypto"],"dateCreated":"2024-06-15T00:00:30Z","datePublished":"2024-06-15T00:00:30Z","dateModified":"2024-06-15T00:00:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-could-plunge-below-50000-if-these-key-levels-break\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-could-plunge-below-50000-if-these-key-levels-break\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-14-16.50.09-A-dramatic-digital-artwork-depicting-a-financial-chart-showing-Bitcoins-price-rapidly-dropping-below-50000.-The-background-features-a-stormy-sky-wi.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-14-16.50.09-A-dramatic-digital-artwork-depicting-a-financial-chart-showing-Bitcoins-price-rapidly-dropping-below-50000.-The-background-features-a-stormy-sky-wi.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin market\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto\"],\"dateCreated\":\"2024-06-15T00:00:30Z\",\"datePublished\":\"2024-06-15T00:00:30Z\",\"dateModified\":\"2024-06-15T00:00:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-14-16.50.09-A-dramatic-digital-artwork-depicting-a-financial-chart-showing-Bitcoins-price-rapidly-dropping-below-50000.-The-background-features-a-stormy-sky-wi.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/624729"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=624729"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/624729\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/624743"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=624729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=624729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=624729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}