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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Bitcoin Could Crash Below $55,000, Top Analyst Sounds The Alarm

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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Bitcoin, the leading cryptocurrency, has recently been scrutinized by several analysts and traders as it struggles to maintain its market position.

Michaël van de Poppe, a recognized figure in the crypto analysis sector, has recently expressed his concerns regarding Bitcoin’s current price trajectory.

Bitcoin Risks Dropping to $52,000, Why?

Taking to Elon Musk’s social media platform X, Van de Poppe pointed out that Bitcoin is at the lower end of its current range, a crucial area for maintaining upward momentum.

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Van de Poppe warned that if Bitcoin fails to hold this level, the market could see a downturn, with prices potentially falling as low as $52,000 to $55,000.

This prediction comes as Bitcoin attempts to stabilize above the $61,000 mark. Despite efforts to sustain this level, recent market behavior suggests a bearish trend could be looming.

Bitcoin (BTC)price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Van de Poppe’s analysis indicates that failing to maintain the lower range could lead to significant corrections, affecting investor sentiment and market dynamics.

#Bitcoin is at the range low. This is technically the area where you’d prefer to see it hold, so the upward momentum continues, and the range holds.

If this doesn’t hold, then we might expect $52-55K as a potential low on this correction. pic.twitter.com/j4rWI0Ti7G

— Michaël van de Poppe (@CryptoMichNL) May 9, 2024

Meanwhile, recent data from the analytics firm IntoTheBlock reveals a noticeable decline in BTC whale accumulation volumes over the past month. These large investors, holding over 1,000 BTC, have been a stabilizing force in the market, particularly during price dips.

However, the trend of diminishing whale purchases, especially during recent market corrections, suggests a decrease in their market influence and potentially a broader loss of appetite for Bitcoin at current levels.

This pattern could indicate a shift in whale strategy or a broader market sentiment change, possibly leading to less support for Bitcoin prices during downturns.

BTC Surging Demand vs. Limited Supply

Despite the potential price dip, other market activities suggest a robust demand for Bitcoin. Samson Mow, a well-known Bitcoin community figure and former Blockstream CSO, highlighted the continuous buying from American spot Bitcoin ETFs.

According to Mow, these US ETFs purchase 1,626 BTC daily. Additionally, MicroStrategy acquires 199 BTC daily, and Tether buys 70 BTC daily.

This significant daily demand, especially in the context of the reduced supply following the latest Bitcoin halving in April, where only 450 BTC are created each day, suggests that demand might significantly exceed supply.

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Analyst Narrows Down Timeline For Bitcoin Peak This Bull Cycle

1 year ago

Mow emphasized this imbalance, indicating that the aggregate demand could be outstripping the available supply by 5 to 10 times, hinting at a potential upward pressure on prices if this demand persists.

U.S. ETFs are buying 1,626 BTC per day.@MicroStrategy is buying 199 BTC per day.@Tether_to is buying 70 BTC per day.

There are only 450 #Bitcoin mined per day. Total aggregate demand is likely 5-10x supply.

Plan accordingly. ♎️pic.twitter.com/fshInf0Jas

— Samson Mow (@Excellion) May 8, 2024

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. 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.

Read more

Edyme’s 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—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll 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’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” 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’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s 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’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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