Bitcoin

Time

In a scathing assessment of Bitcoin, the largest digital asset by market capitalization, popular crypto analyst and trader Mags has <a href="https://x.com/thescalpingpro/status/1806241066884211174" target="_blank" rel="noopener nofollow">warned</a>&nbsp;BTC investors, highlighting that the crypto asset may drop as low as $50,000 in the short term. 
<h2 id="will-bitcoin-drop-to-50-000-soon">Will Bitcoin Drop To $50,000 Soon?</h2> 
Mags has identified a crucial element that <a href="https://bitcoinist.com/bitcoin-wholecoiners-1-million/" target="_blank" rel="noopener ">Bitcoin</a> must manage to avert a drop below the $50,000 price level. This warning comes amidst a wave of pessimism and increased uncertainty in the cryptocurrency market, which has experienced sharp swings and an overall negative view in recent weeks. 
The analyst bases his forecast on the long-term trend of Bitcoin around the range low, which may result in a rise or a fall in value. According to Mags, the digital asset is testing the range low for the fifth time since March.&nbsp; 
He further noted that the price has been moving in a narrow range over the past few months, and a significant breakout could be on the horizon. However, the price is now in a crucial support zone that has to be held back to prevent a <a href="https://bitcoinist.com/bitcoin-price-at-risk-further-correction-heres-how/" target="_blank" rel="noopener ">further downtrend</a>, possibly to the $50,000 mark. 
<img loading="lazy" decoding="async" class="size-large wp-image-307732" src="https://bitcoinist.com/wp-content/uploads/2024/06/Mags-Bitcoin-Chart.png?w=980&amp;resize=980%2C646" alt="Bitcoin" width="980" height="646" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/Mags-Bitcoin-Chart.png?w=1170 1170w, https://bitcoinist.com/wp-content/uploads/2024/06/Mags-Bitcoin-Chart.png?w=637 637w, https://bitcoinist.com/wp-content/uploads/2024/06/Mags-Bitcoin-Chart.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/Mags-Bitcoin-Chart.png?w=980&amp;resize=980%2C646 980w, https://bitcoinist.com/wp-content/uploads/2024/06/Mags-Bitcoin-Chart.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/Mags-Bitcoin-Chart.png?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
Although Mags pointed out that the crypto asset has already seen a fakeout below $60,000, a swift recovery, and a solid run-up to the range high, if the price falls below the range low once more, the development will be regarded as a genuine breakout instead of a fakeout. 
The post read: 
<blockquote>
 We have already witnessed a fakeout below $60,000 followed by a quick reclaim and a nice run-up till the range high. If the price breaks down below the range low again, we will consider it an actual breakout rather than a fakeout.
</blockquote> 
Thus far, the crypto expert has highlighted the absence of a significant support zone before the $50,000 and $52,000 price marks, noting that the price is keeping the range low “nicely,” and the general outlook for Bitcoin is still optimistic. 
In light of the recent heightened volatility and pessimistic sentiment in the market, Mags’ analysis highlights the significance of <a href="https://bitcoinist.com/bitcoin-whales-quietly-buy-439-btc-market-panics/" target="_blank" rel="noopener ">BTC</a> remaining above critical support levels and improving market conditions to maintain its value. 
<h2 id="dips-are-good-time-to-purchase-btc">Dips Are Good Time To Purchase BTC</h2> 
Over the past 3 months, BTC has been in a consolidation phase, triggering fear and uncertainty among investors, with most of them selling to minimize losses whenever the asset declines. 
Offering <a href="https://x.com/thescalpingpro/status/1806590904935080068" target="_blank" rel="noopener nofollow">insights</a> on the subject, Mags has advised investors not to waver as a consolidation or dip after the Bitcoin Halving is very common, as demonstrated by every cycle. According to Mags, these market declines have historically favored acquiring BTC. 
Mags revealed that many <a href="https://bitcoinist.com/bitcoin-investors-ditch-greed-after-crash-61000/" target="_blank" rel="noopener ">investors</a> mistake this period for distribution or a cycle top. As a result, they sell early or sit out the best part of the rally, which he believes usually begins a few months after the Halving. Furthermore, the analyst has highlighted that these investors could miss out on a 250% gain in this cycle should BTC hit $200,000. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/LsGEa77f/" alt="Bitcoin" width="2283" height="1265">

Bitcoin’s Price At Risk Of Falling To $50,000, Crypto Analyst Warns

Table of Contents

Bitcoinist

Other articles published on Jun 28, 2024

Bitdeer to Expand Bitcoin Mining With Industrial Park Lease

Bitcoin and altcoins fail to rally even as US inflation cools down

BREAKING: Coinbase Futures Files Application with CFTC to List These Five Altcoins in Futures

Avalanche (AVAX) & Polkadot (DOT) Initiate a Recovery, Hoping to Rise by 40% in July 2024

Ripple Expands Blockchain Solutions with RLUSD Stablecoin and Potential XRP ETF as Battle with SE...

What 20,000 Brett (Based) or Mpeppe Coins Will Be Worth In 2025

Join our free newsletter for daily crypto updates!