{"id":628443,"date":"2024-07-08T20:30:44","date_gmt":"2024-07-08T20:30:44","guid":{"rendered":"https:\/\/wncen.com\/?p=628443"},"modified":"2024-07-08T15:35:49","modified_gmt":"2024-07-08T15:35:49","slug":"bitcoin-prices-must-first-breach-50000-before-rallying","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/","title":{"rendered":"Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitcoin flash crashed on July 4 and 5, extending losses from all-time highs to about 30%. Though there was a relief bounce over the weekend, forcing the world&#8217;s most valuable coin up by nearly 11%, BTC remains within a bearish formation.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Correction Not Over: Will Bears Break $50,000?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">One analyst who <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/bitcoinmunger\/status\/14513254\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">took<\/span><\/a><span data-preserver-spaces=\"true\"> to X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. <\/span><span data-preserver-spaces=\"true\">With BTC not out of the woods, at least from technical formation, the analyst predicted not only will the coin sink below last week&#8217;s lows, but it will likely break the psychological $50,000 mark.<\/span><\/p>\n<figure id=\"attachment_628445\" aria-describedby=\"caption-attachment-628445\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-628445\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR5zaEGbwAA-4nI.jpg?resize=1024%2C362\" alt=\"BTC retracing | Source: @bitcoinmunger via X\" width=\"1024\" height=\"362\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR5zaEGbwAA-4nI.jpg?w=1600 1600w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR5zaEGbwAA-4nI.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR5zaEGbwAA-4nI.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR5zaEGbwAA-4nI.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR5zaEGbwAA-4nI.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR5zaEGbwAA-4nI.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR5zaEGbwAA-4nI.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-628445\" class=\"wp-caption-text\">BTC retracing | Source: @bitcoinmunger via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time high. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When this happens, and following the price action seen in 2017, when the coin also crashed by 40% after local peaks, the coin will resume the uptrend. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, looking at the analyst&#8217;s assessment, the swing high and low anchoring of the Fibonacci retracement tool is subjective. <\/span><span data-preserver-spaces=\"true\">For now, if September 2023 to March 2024 range acts as swing and lows, a 40% drop from local highs places Bitcoin $10,000 lower at around $37,000.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/A9SBx7sz\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/A9SBx7sz\/\" alt=\"Bitcoin price trending downward on the weekly chart | Source: BTCUSDT via Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending downward on the weekly chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/A9SBx7sz\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT via Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Cracks are beginning to form on the weekly chart. After last week&#8217;s losses, the coin firmly closed below the 20-period moving average, placing sellers in control. <\/span><span data-preserver-spaces=\"true\">Confirmation of last week&#8217;s losses could set the ball rolling, sparking more losses in the short term, pushing the world&#8217;s most valuable coin to $50,000 or even $40,000.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">How High Will BTC Jump After The Correction?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">However, after the cool-off and the depth doesn&#8217;t matter, another analyst predicts the coin will bounce off strongly. If BTC finds support at around the $47,000 to $50,000 level, the probability of it floating to at least $102,000 is high. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This is the first level of the Fibonacci extension. At its high, the coin could soar to as high as $242,000 in the sessions to come.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The confidence that BTC will bounce back after the current sell-off, sparked most by Mt. Gox liquidation fears and the constant dump by the German government, is based on history. After the Halving, Bitcoin prices tend to recover steadily. <\/span><\/p>\n<figure id=\"attachment_628444\" aria-describedby=\"caption-attachment-628444\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-628444\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR85BbObgAEaEwb.jpg?resize=1024%2C614\" alt=\"BTC rally post Halving | Source: @QuintenFrancois via X\" width=\"1024\" height=\"614\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR85BbObgAEaEwb.jpg?w=1600 1600w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR85BbObgAEaEwb.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR85BbObgAEaEwb.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR85BbObgAEaEwb.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR85BbObgAEaEwb.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR85BbObgAEaEwb.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/GR85BbObgAEaEwb.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-628444\" class=\"wp-caption-text\">BTC rally post Halving | Source: @QuintenFrancois via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">If anything, one analyst <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/QuintenFrancois\/status\/70947477\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\"> holders shouldn&#8217;t panic sell within the first 79 days after the <a href=\"https:\/\/wncen.com\/news\/why-bitcoin-halving-not-priced-in-whats-next\/\" target=\"_blank\" rel=\"noopener \">Halving event<\/a>. Marking the beginning of the fifth epoch, the network reduced its miner rewards on April 20, roughly three months ago.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin flash crashed on July 4 and 5, extending losses from all-time highs to about 30%. Though there was a relief bounce over the weekend, forcing the world&#8217;s most valuable coin up by nearly 11%, BTC remains within a bearish formation. Bitcoin Correction Not Over: Will Bears Break $50,000? One analyst who took to X confirmed this assessment, adding that the optimism over the last 48 hours could be quashed in the coming sessions. With BTC not out of the woods, at least from technical formation, the analyst predicted not only will the coin sink below last week&#8217;s lows, but it will likely break the psychological $50,000 mark. Pointing to historical price action, the coin said Bitcoin could drop to as low as $48,000 in the coming days, roughly 40% from its all-time high. When this happens, and following the price action seen in 2017, when the coin also crashed by 40% after local peaks, the coin will resume the uptrend. Even so, looking at the analyst&#8217;s assessment, the swing high and low anchoring of the Fibonacci retracement tool is subjective. For now, if September 2023 to March 2024 range acts as swing and lows, a 40% drop from local highs places Bitcoin $10,000 lower at around $37,000. Cracks are beginning to form on the weekly chart. After last week&#8217;s losses, the coin firmly closed below the 20-period moving average, placing sellers in control. Confirmation of last week&#8217;s losses could set the ball rolling, sparking more losses in the short term, pushing the world&#8217;s most valuable coin to $50,000 or even $40,000. How High Will BTC Jump After The Correction? However, after the cool-off and the depth doesn&#8217;t matter, another analyst predicts the coin will bounce off strongly. If BTC finds support at around the $47,000 to $50,000 level, the probability of it floating to at least $102,000 is high. This is the first level of the Fibonacci extension. At its high, the coin could soar to as high as $242,000 in the sessions to come.\u00a0\u00a0 The confidence that BTC will bounce back after the current sell-off, sparked most by Mt. Gox liquidation fears and the constant dump by the German government, is based on history. After the Halving, Bitcoin prices tend to recover steadily. If anything, one analyst said holders shouldn&#8217;t panic sell within the first 79 days after the Halving event. Marking the beginning of the fifth epoch, the network reduced its miner rewards on April 20, roughly three months ago. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":625874,"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":[428,8856,679,768,1119,78790],"class_list":["post-628443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-bitcoin-trading","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying<\/title>\n<meta name=\"description\" content=\"Bitcoin is bearish but up roughly 10% from last week&#039;s low. 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However, one analyst thinks BTC must first plunge below $50,000 before recovering\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-08T20:30:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-08T15:35:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-21-17.06.10-A-digital-artwork-depicting-a-dramatic-financial-scene-with-Bitcoin-logos-downward-arrows-and-market-charts-showing-a-significant-drop.-The-scene-is-.jpg?fit=1024%2C1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying\",\"datePublished\":\"2024-07-08T20:30:44+00:00\",\"dateModified\":\"2024-07-08T15:35:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/\"},\"wordCount\":460,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-21-17.06.10-A-digital-artwork-depicting-a-dramatic-financial-scene-with-Bitcoin-logos-downward-arrows-and-market-charts-showing-a-significant-drop.-The-scene-is-.jpg?fit=1024%2C1024\",\"keywords\":[\"bitcoin\",\"Bitcoin Halving\",\"bitcoin price\",\"bitcoin trading\",\"btc\",\"BTCUSDT\"],\"articleSection\":[\"Bitcoin News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/\",\"url\":\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/\",\"name\":\"Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-prices-must-first-breach-50000-before-rallying\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-21-17.06.10-A-digital-artwork-depicting-a-dramatic-financial-scene-with-Bitcoin-logos-downward-arrows-and-market-charts-showing-a-significant-drop.-The-scene-is-.jpg?fit=1024%2C1024\",\"datePublished\":\"2024-07-08T20:30:44+00:00\",\"dateModified\":\"2024-07-08T15:35:49+00:00\",\"description\":\"Bitcoin is bearish but up roughly 10% from last week's low. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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