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<p>The post <a href="https://coinpedia.org/news/bitcoin-price-crash-peter-brandt-warns-btc-price-potential-drop-to-48k-if-this-happens/">Bitcoin Price Crash: Peter Brandt Warns BTC Price Potential Drop to $48K If This Happens</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The total cryptocurrency market cap has continued to shrink in the past few days to about $2.57 trillion, as <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC) price</a> teased below $67k again in the past 24 hours. The flagship coin has slipped around 1.2 percent in the past 24 hours to trade about $66,762 on Friday, during the early Asian session.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bitcoin-traders-hit-a-red-flag">Bitcoin Traders Hit a Red Flag</h2> 
<p>After the US Fed signaled only one interest rate cut later this year, Bitcoin’s bullish sentiments have dramatically reduced. According to on-chain data analysis, provided by <a href="https://x.com/axeladlerjr/status/1801301666169270458?s=46" target="_blank" rel="noreferrer noopener nofollow">CryptoQuant</a>, Bitcoin miners have accelerated their selling rate, which is a signal for an incoming capitulation.</p> 
<p><a href="https://x.com/timmerfidelity/status/1801293922154528831?s=46" target="_blank" rel="noreferrer noopener nofollow">According</a> to Jurrien Timmer, the director of global macro at Fidelity Investments, the growing divergence in <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> and adoption rate is the lead cause of the slowed bullish outlook. Timmer, however, highlighted that Bitcoin remains an exponential Gold with immense potential as a store of value.</p> 
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   <p lang="en" dir="ltr">Good morning Bitcoin fam,<br><br>Yesterday's flows were negative for $226.2 million.<br><br>Fidelity had $106.4 million of outflows, GBTC $61.5 million, Ark $52.7 million, VanEck $11.3 million and Bitwise $9.8 million.<br><br>Blackrock had $18.2 million of inflows.<br><br>Price went from $68k to $66.5k.… <a href="https://t.co/fX3QcijR6G">pic.twitter.com/fX3QcijR6G</a></p>— WhalePanda (@WhalePanda) <a href="https://twitter.com/WhalePanda/status/1801461656217653615?ref_src=twsrc%5Etfw">June 14, 2024</a>
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<p>Meanwhile, US spot Bitcoin ETFs have registered net cash outflow in the past week, whereby around $226 million was liquidated on Thursday.</p> 
<h2 class="wp-block-heading" id="h-brandt-s-take-on-btc-price-action">Brandt’s Take on BTC Price Action</h2> 
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   <p lang="en" dir="ltr">Chart of interest – Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a><br>Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this: <br>Break through 65,000, then mkt goes to 60,000 <br>Break through 60,000 mkt goes to 48,000 <a href="https://t.co/JsXXVx2EhV">pic.twitter.com/JsXXVx2EhV</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1801389733597089944?ref_src=twsrc%5Etfw">June 13, 2024</a>
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<p>As Bitcoin price struggles to rally above the resistance level of $72k, on-chain data analysis provided by <a href="https://x.com/santimentfeed/status/1801428318493020515?s=46" target="_blank" rel="noreferrer noopener nofollow">Santiment shows</a> that the dip narrative has escalated on social media platforms. However, veteran trader Peter Brandt has cautioned crypto traders of several glaring bearish signs.&nbsp;</p> 
<p>On the top list, Brandt <a href="https://x.com/peterlbrandt/status/1801355657662099897?s=46" target="_blank" rel="noreferrer noopener nofollow">pointed</a> to Bitcoin’s exponential decay with respect to the prior bull cycles. The respected trader, therefore, cautioned Bitcoin traders to keep a close watch on a weekly close below $66k as it could push the instrument towards $60k. And if the $60k level does not hold, Brandt expects Bitcoin price to fall towards $48k before establishing support for a fresh pump.</p> 
<p>Also Read : <a href="https://coinpedia.org/price-analysis/top-altcoins-gems-to-buy-as-market-pulls-back-for-10x-profits/">Top Altcoins Gems To Buy As Market Pulls Back For 10x Profits?</a></p>

Bitcoin Price Crash: Peter Brandt Warns BTC Price Potential Drop to $48K If This Happens

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