Bitcoin’s price could plummet below $50,000 if the remaining bid support disappears, according to a new analysis.
In a recent post on X, trader Peter Brandt raised concerns for Bitcoin bulls. Brandt emphasized the importance of buyers holding the $60,000 level as Bitcoin struggles to break through the $67,000 mark. Despite briefly reaching $70,000 earlier in the week, BTC/USD failed to sustain its momentum and returned to a stagnant trading range.
Brandt warned that new long-term lows could be on the horizon, stating that chart interpretations can often change unexpectedly. The resistance at $70,000 has proven to be significant, with data from trading platform DecenTrader showing strong liquidity levels at that price point.
While some market observers predict a potential downward trend for Bitcoin, others remain optimistic. Whale entities have been increasing their exposure to BTC at current price levels, with the number of entities holding at least 1,000 BTC nearing all-time highs. This bullish sentiment has been echoed by industry experts like Willy Woo and Quinten, who highlight the significant whale purchases and inflows to accumulation addresses.
It is important to note that this article does not provide investment advice. Readers are advised to conduct their own research and exercise caution when making investment decisions.