After making a brief attempt to surge past $72,000 last week, the Bitcoin (BTC) price has been trading under constant selling pressure dropping nearly 6.5% on the weekly chart. As of press time, BTC is trading 1,15% down at $66,687 with a market cap of $1.314 trillion.
Bitcoin Buy The Dip Calls Surge
As per the on-chain data provider Santiment, there’s a notable surge in the Bitcoin buying interest following the recent dip under $67,000 on Thursday, June 13. this is the second-largest surge in the BTC buying interest over the past two months. On the other hand, the crowd remains very much silent in terms of the sell interest.
On the other hand, the Bitcoin whale accumulation continues systematically. As per the latest report, amid strong institutional interest, the amount of entities holding over 1,000 BTC has now reached a new all-time high. However, Bitcoin miners have also been selling in big numbers to meet operation costs after the halving.
In another interesting take, crypto market analyst Rekt Capital stated that Bitcoin’s current struggle to give a decisive breakout is beneficial and advantageous for the overall market cycle. He added that Bitcoin has historically never broken out this early in the post-halving period.
Rekt Capital also stated that an early breakout could accelerate the cycle, which would potentially shorten up the duration of the bull market. Instead, the ongoing phase is allowing the BTC price to align with the historical halving cycles, thereby setting up the stage for a sustained bull run.
This perspective highlights that maintaining patience in the current Bitcoin consolidation could be more rewarding and healthier for the coming bull run.
BTC Price Drop to $48,000 Possible
Renowned market analyst Peter Brandt shared his insight on the BTC price trajectory going ahead wherein he shares the most apparent interpretation of the Bitcoin chart suggesting the following possible scenarios.
- If the Bitcoin price breaks through the $65,000 level, it may further decline to $60,000.
- However, if the Bitcoin price dips further under $60,000, it can correct another 20% all the way to $48,000.
Chart of interest – Bitcoin $BTC
Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this:
Break through 65,000, then mkt goes to 60,000
Break through 60,000 mkt goes to 48,000 pic.twitter.com/JsXXVx2EhV— Peter Brandt (@PeterLBrandt) June 13, 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
