{"id":628224,"date":"2024-07-06T22:00:18","date_gmt":"2024-07-06T22:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=628224"},"modified":"2024-07-06T11:48:49","modified_gmt":"2024-07-06T11:48:49","slug":"bitcoin-further-crash-to-47000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-further-crash-to-47000\/","title":{"rendered":"Bitcoin Woes Not Over? Analyst Predicts Further Crash To $47,000"},"content":{"rendered":"

Although Bitcoin has reclaimed the $56,000 price level in the past few hours, its <\/span>sudden drop below $54,000<\/span><\/a> on July 5 has reminded investors of the<\/span> intense volatility<\/span><\/a> associated with the market. In the larger timeframe, Bitcoin has been down by 7% and 20.25% in the past seven and thirty days, respectively.\u00a0<\/span><\/p>\n

While many crypto traders and analysts are still in the spirit of a bullish cycle in the long term, the sudden price drop wasn’t surprising 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 dropping to $47,000.<\/span><\/p>\n

Bitcoin Could Crash To $47,000<\/h2>\n

According to Ki Young Ju, Bitcoin is <\/span>still in a bull market<\/span><\/a> in the larger timeframe, 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 short-term bearish conditions.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins<\/a><\/div>\n

As Ki Young Ju noted, this uncertainty opens up the possibility of the world’s leading digital currency plummeting to a chilling $47,000 before finding its footing again. With the crypto market in a prolonged slump since the beginning of June, this bearish case scenario seems increasingly plausible. Bitcoin, in particular, has shed billions in value, and investor confidence is wavering.<\/span><\/p>\n

\n

$112K at the peak of the cycle.https:\/\/t.co\/beKpUVkNXL<\/a> pic.twitter.com\/Esj02BYms4<\/a><\/p>\n

\u2014 Ki Young Ju (@ki_young_ju) July 5, 2024<\/a><\/p><\/blockquote>\n

Young Ju admonishes traders not to open high-leverage long or short positions based on his long-term bullish projections due to the prevailing uncertainty. When asked what his long-term price target for Bitcoin was, he <\/span>noted a rise<\/span><\/a> to $112,000 at the peak of the cycle. This prediction is based on the BTC realized market cap since July 2010.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Bearish Case For Bitcoin<\/h2>\n

At the time of writing, Bitcoin is trading at $56,520 and has rebounded by 4.67% since its recent fall below $54,000. However, despite this price recovery, the crypto faces a significant risk of falling <\/span>further amid whale selloffs<\/span><\/a>, which have amounted to over $1.7 billion in BTC in the past 30 days. Defunct crypto exchange Mt. Gox is also <\/span>starting to repay its creditors<\/span><\/a> in BTC after 10 years of inactivity. This is anticipated to unleash a $2.71 billion supply of Bitcoin onto the market, perhaps intensifying selling pressure.<\/span><\/p>\n

Related Reading: Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price?<\/a><\/div>\n

A reversal to the downside is not out of the books yet. If Bitcoin were to fall to $47,000, it would represent a 16% decline from the current price level. Market participants continue to await how Bitcoin’s price action<\/span> plays out in July,<\/span><\/a> which has historically been a positive month.<\/span><\/p>\n

\"Bitcoin
BTC price recovers from crash | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Although Bitcoin has reclaimed the $56,000 price level in the past few hours, its sudden drop below $54,000 on July 5 has reminded investors of the intense volatility associated with the market. In the larger timeframe, Bitcoin has been down by 7% and 20.25% in the past seven and thirty days, respectively.\u00a0 While many crypto traders and analysts are still in the spirit of a bullish cycle in the long term, the sudden price drop wasn’t surprising 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 dropping to $47,000. Bitcoin Could Crash To $47,000 According to Ki Young Ju, Bitcoin is still in a bull market in the larger timeframe, 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 short-term bearish conditions.\u00a0 Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins As Ki Young Ju noted, this uncertainty opens up the possibility of the world’s leading digital currency plummeting to a chilling $47,000 before finding its footing again. With the crypto market in a prolonged slump since the beginning of June, this bearish case scenario seems increasingly plausible. Bitcoin, in particular, has shed billions in value, and investor confidence is wavering. $112K at the peak of the cycle.https:\/\/t.co\/beKpUVkNXL pic.twitter.com\/Esj02BYms4 \u2014 Ki Young Ju (@ki_young_ju) July 5, 2024 Young Ju admonishes traders not to open high-leverage long or short positions based on his long-term bullish projections due to the prevailing uncertainty. When asked what his long-term price target for Bitcoin was, he noted a rise to $112,000 at the peak of the cycle. This prediction is based on the BTC realized market cap since July 2010.\u00a0 Bearish Case For Bitcoin At the time of writing, Bitcoin is trading at $56,520 and has rebounded by 4.67% since its recent fall below $54,000. However, despite this price recovery, the crypto faces a significant risk of falling further amid whale selloffs, which have amounted to over $1.7 billion in BTC in the past 30 days. Defunct crypto exchange Mt. Gox is also starting to repay its creditors in BTC after 10 years of inactivity. This is anticipated to unleash a $2.71 billion supply of Bitcoin onto the market, perhaps intensifying selling pressure. Related Reading: Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price? A reversal to the downside is not out of the books yet. If Bitcoin were to fall to $47,000, it would represent a 16% decline from the current price level. Market participants continue to await how Bitcoin’s price action plays out in July, which has historically been a positive month. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":628241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-628224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Woes Not Over? 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Woes Not Over? 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