{"id":635829,"date":"2024-08-16T04:30:25","date_gmt":"2024-08-16T04:30:25","guid":{"rendered":"https:\/\/wncen.com\/?p=635829"},"modified":"2024-08-16T04:26:54","modified_gmt":"2024-08-16T04:26:54","slug":"analyst-warns-bitcoin-nears-dangerous-territory-40000-on-the-horizon","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/analyst-warns-bitcoin-nears-dangerous-territory-40000-on-the-horizon\/","title":{"rendered":"Analyst Warns: Bitcoin Nears Dangerous Territory \u2013 $40,000 On The Horizon?"},"content":{"rendered":"

Bitcoin is trading for $59,545, a slight increase of 0.5% in the past 24 hours. Although little, this surge in its price is quite noteworthy as it comes against the backdrop of Bitcoin’s price plunging<\/a> as low as $57,812 earlier today.<\/p>\n

Regardless of this modest recovery, a recent analysis by a CryptoQuant author on the CryptoQuant QuickTake platform has revealed<\/a> that Bitcoin might now be approaching a precarious position.<\/p>\n

Related Reading: Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000<\/a><\/div>\n

Bears At The Gates? Analyzing BTC’s Vulnerable Stance<\/h2>\n

According to the CryptoQuant analyst Grizzly, Bitcoin’s Net Unrealized Profit\/Loss (NUPL) metric\u2014a tool used to gauge the market’s profit or loss status by comparing unrealized profit and loss\u2014hovers near a pivotal threshold\u20140.4 level.<\/p>\n

Grizzly disclosed that this level historically acts as a vital juncture, either as support that boosts the market\u2019s spirits or as a resistance that spells a downturn.<\/p>\n

\n

Will the bears seize control of the market?<\/p>\n

\u201cThe NUPL metric is currently positioned near a critical level. Historically, the 0.4 level has served as a significant point of support and resistance.\u201d \u2013 By @GrizzlyBTClover<\/a><\/p>\n

Read more \ud83d\udc47https:\/\/t.co\/Q0Nuwu6Xz8<\/a> pic.twitter.com\/sePvAvWg44<\/a><\/p>\n

\u2014 CryptoQuant.com (@cryptoquant_com) August 15, 2024<\/a><\/p><\/blockquote>\n

Current data suggests that Bitcoin is teetering close to this level, and a dip below could firmly hand the reins over to the bears, potentially dragging the market into a bearish phase.<\/p>\n

According to Grizzly, the implications of such a move could see Bitcoin’s price retract to as low as $40,000, a major decline from its current market prices<\/a>. The analyst particularly noted:<\/p>\n

Data shows that a breach below this [0.4] level often marks the onset of a substantial downward trend. If the index continues its downward movement, it\u2019s reasonable to anticipate that the bears could take full control of the market. In such a scenario, the price could drop to around $40,000.<\/p><\/blockquote>\n

Meanwhile, despite these ominous signs, it\u2019s worth approaching the revealed data with a balanced perspective. Grizzly pointed out that the current decline in Bitcoin’s value<\/a>\u00a0while concerning, has not yet escalated to a level that conclusively signals the end of its bullish trajectory.<\/p>\n

Historical data supports cautious optimism, as previous instances have shown that Bitcoin can rebound from similar positions<\/a>, defying bearish expectations and sustaining its upward trend.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Bullish Take On Bitcoin<\/h2>\n

On the flip side, historical data may also\u00a0suggest a\u00a0potential rebound<\/a> for Bitcoin<\/span>. Earlier today, a renowned analyst in the crypto space known as Titan of Crypto on X disclosed an interesting recurring trend in Bitcoin.<\/p>\n

Related Reading: Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs<\/a><\/div>\n

According to Titan of Crypto, “historically, the 4th month after the halving has always been bullish for BTC, closing above the halving price.” The analyst added<\/a>: “If this pattern repeats, September could be a bullish month above $66,000.”<\/p>\n

\"Bitcoin
Bitcoin chart illustrating the uptick seen in the 4th month after halving. | Source: Titan of Crypto on X<\/a><\/figcaption><\/figure>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is trading for $59,545, a slight increase of 0.5% in the past 24 hours. Although little, this surge in its price is quite noteworthy as it comes against the backdrop of Bitcoin’s price plunging as low as $57,812 earlier today. Regardless of this modest recovery, a recent analysis by a CryptoQuant author on the CryptoQuant QuickTake platform has revealed that Bitcoin might now be approaching a precarious position. Related Reading: Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000 Bears At The Gates? Analyzing BTC’s Vulnerable Stance According to the CryptoQuant analyst Grizzly, Bitcoin’s Net Unrealized Profit\/Loss (NUPL) metric\u2014a tool used to gauge the market’s profit or loss status by comparing unrealized profit and loss\u2014hovers near a pivotal threshold\u20140.4 level. Grizzly disclosed that this level historically acts as a vital juncture, either as support that boosts the market\u2019s spirits or as a resistance that spells a downturn. Will the bears seize control of the market? \u201cThe NUPL metric is currently positioned near a critical level. Historically, the 0.4 level has served as a significant point of support and resistance.\u201d \u2013 By @GrizzlyBTClover Read more \ud83d\udc47https:\/\/t.co\/Q0Nuwu6Xz8 pic.twitter.com\/sePvAvWg44 \u2014 CryptoQuant.com (@cryptoquant_com) August 15, 2024 Current data suggests that Bitcoin is teetering close to this level, and a dip below could firmly hand the reins over to the bears, potentially dragging the market into a bearish phase. According to Grizzly, the implications of such a move could see Bitcoin’s price retract to as low as $40,000, a major decline from its current market prices. The analyst particularly noted: Data shows that a breach below this [0.4] level often marks the onset of a substantial downward trend. If the index continues its downward movement, it\u2019s reasonable to anticipate that the bears could take full control of the market. In such a scenario, the price could drop to around $40,000. Meanwhile, despite these ominous signs, it\u2019s worth approaching the revealed data with a balanced perspective. Grizzly pointed out that the current decline in Bitcoin’s value\u00a0while concerning, has not yet escalated to a level that conclusively signals the end of its bullish trajectory. Historical data supports cautious optimism, as previous instances have shown that Bitcoin can rebound from similar positions, defying bearish expectations and sustaining its upward trend. Bullish Take On Bitcoin On the flip side, historical data may also\u00a0suggest a\u00a0potential rebound for Bitcoin. Earlier today, a renowned analyst in the crypto space known as Titan of Crypto on X disclosed an interesting recurring trend in Bitcoin. Related Reading: Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs According to Titan of Crypto, “historically, the 4th month after the halving has always been bullish for BTC, closing above the halving price.” The analyst added: “If this pattern repeats, September could be a bullish month above $66,000.” Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":635835,"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":[428,629,6848,1119,92898,78790,6664,10923],"class_list":["post-635829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcoin-analysis","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nAnalyst Warns: Bitcoin Nears Dangerous Territory \u2013 $40,000 On The Horizon?<\/title>\n<meta name=\"description\" content=\"Bitcoin is trading at a price of $59,545 at the time of writing seeing a slight increase by 0.5% in the past 24 hours. 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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. 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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. 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