Greed

2024

Bitcoin

The <a href="https://www.newsbtc.com/news/bitcoin/its-do-or-die-for-bitcoin-price-soon-says-analyst/">Bitcoin price crash</a> below $66,000 has taken the market by surprise, leading to over $90 million in liquidations in a 24-hour period. But even after dropping so much already, analysts do not believe that the worst is over. In particular, crypto analyst Ali Martinez has said that Bitcoin may still have a ways to go before the crash is over, prediction another 20% decline from here. 
<h2 class="p2" id="bitcoin-falls-below-major-pricing-band">Bitcoin Falls Below Major Pricing Band</h2> 
Crypto analyst Ali Martinez posted a new analysis on X (formerly Twitter) on <a href="https://www.newsbtc.com/bitcoin-news/analytics-firm-bitcoin-analysts-are-puzzled-about/">the Bitcoin price</a> that paints a rather bearish picture for the pioneer cryptocurrency. According to Martinez, the Bitcoin crash below $68,000 had actually pushed it below an important level. 
The major level of importance here is the $67,890 pricing range, which the price has now fallen below. As Martinez explains, this area is important as the “+0.5σ MVRV pricing band” lies here. It also means that a crash below this level is very bearish for the price, and as Martinez shows, Bitcoin has already fallen below it. 
This fall puts a bearish motion in place as the crypto analyst believes it may trigger a correction. Now, while corrections are normal, the expectation for how far the crash will go is what is worrying because the analyst has placed a possible $54,930 target for the price. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a> has dropped below the +0.5σ MVRV pricing band at $67,890, which may trigger a correction toward the mean pricing band at $54,930. <a href="https://t.co/zZvswgpUpS" rel="nofollow">pic.twitter.com/zZvswgpUpS</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1803420971576987844?ref_src=twsrc%5Etfw" rel="nofollow">June 19, 2024</a>
</blockquote> 
Such a crash would mean that <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-and-solana-brace-for-quiet-q3-what-crypto-traders-should-know/">the Bitcoin price</a> would fall another 20% from its current level. Given the previous crashes, this could be devastating for altcoins, whose prices could fall another 50% if BTC were to crash below $55,000. 
<h2 class="p2" id="navigating-the-drop-in-interest">Navigating The Drop In Interest</h2> 
One interesting development for <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recover-65k/">Bitcoin is the drop in interest</a> that has been experienced this week. For example, the daily trading volume, according to CoinMarketCap, fell 43.5% in the last day along. This brings the Bitcoin daily trading volume to around $19 billion from the almost $40 billion recorded the previous day. 
This drop in trading volume indicates that investors are taking fewer positions. With the uncertainty surrounding the market, this comes as no surprise, given that investors are prone to wait for the situation to improve before taking more positions. 
The Crypto Fear &amp; Greed Index has also declined, <a href="https://alternative.me/crypto/fear-and-greed-index/" rel="nofollow">showing</a> that fear is growing in the market. It is now sitting at a score of 60, which shows greed, a long way from May’s score of 76, which showed extreme greed in the market. 
At the time of writing, the Bitcoin price is holding at $65,667, with a 0.77% gain in the last day. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/gU7ynLGr/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Bitcoin Crash Below $66,000 Stuns Market, Why A Drop To $54,930 Is Possible

Table of Contents

NewsBTC

Other articles published on Jun 20, 2024

Threat actor seeks 30 BTC in exchange for stolen student information in the US

Will Dogecoin Price Recover In June?

The Solana Virtual Machine (SVM) is Reshaping Multi-Chain Harmony as We Know It. Here’s How

Breaking: MicroStrategy Scoops 11,931 Bitcoins Using $800 Million Convertible Note Proceeds

Laser Digital Secures Broker License in Abu Dhabi, Expanding Crypto and Traditional Asset Services

Major US Exchange Kraken Gets Funds Back After "Extortion" Attempt

Join our free newsletter for daily crypto updates!