• bitcoinBitcoin (BTC) $ 63,948.00
  • ethereumEthereum (ETH) $ 3,149.05
  • tetherTether (USDT) $ 0.999837
  • bnbBNB (BNB) $ 560.96
  • solanaSolana (SOL) $ 167.09
  • xrpXRP (XRP) $ 0.619524
  • usd-coinUSDC (USDC) $ 0.997830
  • staked-etherLido Staked Ether (STETH) $ 3,147.37
  • dogecoinDogecoin (DOGE) $ 0.123245
  • the-open-networkToncoin (TON) $ 6.55
  • cardanoCardano (ADA) $ 0.393517
  • tronTRON (TRX) $ 0.135459
  • avalanche-2Avalanche (AVAX) $ 27.11
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 64,016.00
  • shiba-inuShiba Inu (SHIB) $ 0.000016
  • polkadotPolkadot (DOT) $ 5.69
  • chainlinkChainlink (LINK) $ 12.85
  • bitcoin-cashBitcoin Cash (BCH) $ 349.92
  • nearNEAR Protocol (NEAR) $ 5.48
  • uniswapUniswap (UNI) $ 7.12
  • leo-tokenLEO Token (LEO) $ 5.82
  • daiDai (DAI) $ 0.999702
  • litecoinLitecoin (LTC) $ 67.88
  • wrapped-eethWrapped eETH (WEETH) $ 3,298.45
  • pepePepe (PEPE) $ 0.000011
  • matic-networkPolygon (MATIC) $ 0.500462
  • internet-computerInternet Computer (ICP) $ 9.56
  • kaspaKaspa (KAS) $ 0.174561
  • ethena-usdeEthena USDe (USDE) $ 0.995267
  • ethereum-classicEthereum Classic (ETC) $ 21.86
  • aptosAptos (APT) $ 6.59
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 1.19
  • stellarStellar (XLM) $ 0.102002
  • moneroMonero (XMR) $ 153.14
  • mantleMantle (MNT) $ 0.813112
  • blockstackStacks (STX) $ 1.69
  • dogwifcoindogwifhat (WIF) $ 2.43
  • makerMaker (MKR) $ 2,593.80
  • crypto-com-chainCronos (CRO) $ 0.089393
  • filecoinFilecoin (FIL) $ 4.14
  • render-tokenRender (RENDER) $ 5.96
  • okbOKB (OKB) $ 39.05
  • arbitrumArbitrum (ARB) $ 0.693073
  • injective-protocolInjective (INJ) $ 23.61
  • cosmosCosmos Hub (ATOM) $ 5.86
  • hedera-hashgraphHedera (HBAR) $ 0.064014
  • bittensorBittensor (TAO) $ 315.53
  • immutable-xImmutable (IMX) $ 1.42
  • vechainVeChain (VET) $ 0.026794
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.999873
  • arweaveArweave (AR) $ 29.05
  • optimismOptimism (OP) $ 1.68
  • suiSui (SUI) $ 0.737132
  • bonkBonk (BONK) $ 0.000027
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,537.35
  • the-graphThe Graph (GRT) $ 0.184829
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,210.84
  • flokiFLOKI (FLOKI) $ 0.000174
  • bitget-tokenBitget Token (BGB) $ 1.10
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,285.60
  • thorchainTHORChain (RUNE) $ 4.28
  • whitebitWhiteBIT Coin (WBT) $ 10.04
  • theta-tokenTheta Network (THETA) $ 1.40
  • lido-daoLido DAO (LDO) $ 1.56
  • notcoinNotcoin (NOT) $ 0.013388
  • ondo-financeOndo (ONDO) $ 0.931922
  • aaveAave (AAVE) $ 85.94
  • jupiter-exchange-solanaJupiter (JUP) $ 0.944377
  • pyth-networkPyth Network (PYTH) $ 0.348073
  • jasmycoinJasmyCoin (JASMY) $ 0.025868
  • fantomFantom (FTM) $ 0.437985
  • based-brettBrett (BRETT) $ 0.120567
  • coredaoorgCore (CORE) $ 1.28
  • celestiaCelestia (TIA) $ 5.63
  • algorandAlgorand (ALGO) $ 0.134919
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 3,166.99
  • sei-networkSei (SEI) $ 0.346831
  • quant-networkQuant (QNT) $ 69.97
  • mantra-daoMANTRA (OM) $ 1.19
  • gatechain-tokenGate (GT) $ 7.35
  • flowFlow (FLOW) $ 0.623239
  • kucoin-sharesKuCoin (KCS) $ 9.46
  • msolMarinade Staked SOL (MSOL) $ 202.14
  • elrond-erd-2MultiversX (EGLD) $ 32.13
  • eosEOS (EOS) $ 0.570910
  • ethereum-name-serviceEthereum Name Service (ENS) $ 26.01
  • beam-2Beam (BEAM) $ 0.016832
  • bitcoin-svBitcoin SV (BSV) $ 42.04
  • axie-infinityAxie Infinity (AXS) $ 5.58
  • galaGALA (GALA) $ 0.022126
  • flare-networksFlare (FLR) $ 0.018262
  • heliumHelium (HNT) $ 4.81
  • tokenize-xchangeTokenize Xchange (TKX) $ 10.02
  • bittorrentBitTorrent (BTT) $ 0.00000083
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,218.40
  • neoNEO (NEO) $ 10.86
  • dydx-chaindYdX (DYDX) $ 1.25
  • ethenaEthena (ENA) $ 0.434110
  • fasttokenFasttoken (FTN) $ 2.33
  • popcatPopcat (POPCAT) $ 0.752723
  • usddUSDD (USDD) $ 0.996741
  • akash-networkAkash Network (AKT) $ 3.03
  • ordinalsORDI (ORDI) $ 34.30
  • tezosTezos (XTZ) $ 0.721317
  • the-sandboxThe Sandbox (SAND) $ 0.303321
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 3,398.48
  • starknetStarknet (STRK) $ 0.517982
  • roninRonin (RON) $ 1.96
  • nexoNEXO (NEXO) $ 1.16
  • fraxFrax (FRAX) $ 0.994349
  • ecasheCash (XEC) $ 0.000032
  • conflux-tokenConflux (CFX) $ 0.145620
  • worldcoin-wldWorldcoin (WLD) $ 2.11
  • cat-in-a-dogs-worldcat in a dogs world (MEW) $ 0.006751
  • paypal-usdPayPal USD (PYUSD) $ 0.997337
  • frax-etherFrax Ether (FRXETH) $ 3,157.98
  • sats-ordinalsSATS (Ordinals) (SATS) $ 0.00000028
  • decentralandDecentraland (MANA) $ 0.315440
  • chilizChiliz (CHZ) $ 0.065752
  • zebec-protocolZebec Protocol (ZBC) $ 0.012713
  • mog-coinMog Coin (MOG) $ 0.000002
  • tether-goldTether Gold (XAUT) $ 2,365.98
  • zksyncZKsync (ZK) $ 0.156294
  • pendlePendle (PENDLE) $ 3.65
  • oasis-networkOasis Network (ROSE) $ 0.084695
  • raydiumRaydium (RAY) $ 2.16
  • gnosisGnosis (GNO) $ 219.53
  • mina-protocolMina Protocol (MINA) $ 0.490121
  • book-of-memeBOOK OF MEME (BOME) $ 0.007875
  • dexeDeXe (DEXE) $ 9.41
  • havvenSynthetix Network (SNX) $ 1.63
  • iotaIOTA (IOTA) $ 0.155915
  • swethSwell Ethereum (SWETH) $ 3,366.62
  • aioz-networkAIOZ Network (AIOZ) $ 0.473164
  • wormholeWormhole (W) $ 0.280502
  • apecoinApeCoin (APE) $ 0.743478
  • klay-tokenKlaytn (KLAY) $ 0.134818
  • layerzeroLayerZero (ZRO) $ 4.51
  • astarAstar (ASTR) $ 0.070207
  • true-usdTrueUSD (TUSD) $ 0.997284
  • nervos-networkNervos Network (CKB) $ 0.011041
  • safeSafe (SAFE) $ 1.14
  • staked-frax-etherStaked Frax Ether (SFRXETH) $ 3,452.04
  • livepeerLivepeer (LPT) $ 14.20
  • axelarAxelar (AXL) $ 0.639702
  • xdce-crowd-saleXDC Network (XDC) $ 0.031120
  • zcashZcash (ZEC) $ 30.30
  • 1inch1inch (1INCH) $ 0.362149
  • illuviumIlluvium (ILV) $ 66.99
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000081
  • pax-goldPAX Gold (PAXG) $ 2,358.44
  • pancakeswap-tokenPancakeSwap (CAKE) $ 1.88
  • theta-fuelTheta Fuel (TFUEL) $ 0.065199
  • bitcoin-goldBitcoin Gold (BTG) $ 24.29
  • aerodrome-financeAerodrome Finance (AERO) $ 0.760414
  • apenftAPENFT (NFT) $ 0.00000042
  • kavaKava (KAVA) $ 0.383681
  • iotexIoTeX (IOTX) $ 0.043495
  • wemix-tokenWEMIX (WEMIX) $ 1.00
  • usdbUSDB (USDB) $ 0.995379
  • trust-wallet-tokenTrust Wallet (TWT) $ 0.967688
  • aevo-exchangeAevo (AEVO) $ 0.461172
  • constitutiondaoConstitutionDAO (PEOPLE) $ 0.076917
  • g-tokenGravity (G) $ 0.053427
  • dog-go-to-the-moon-runeDOG•GO•TO•THE•MOON (Runes) (DOG) $ 0.003818
  • project-galaxyGalxe (GAL) $ 3.22
  • turboTurbo (TURBO) $ 0.005490
  • mx-tokenMX (MX) $ 3.87
  • h2o-daoH2O Dao (H2O) $ 0.454068
  • stader-ethxStader ETHx (ETHX) $ 3,269.59
  • safepalSafePal (SFP) $ 0.780867
  • woo-networkWOO (WOO) $ 0.186030
  • availAvail (AVAIL) $ 0.206119
  • ether-fiEther.fi (ETHFI) $ 2.04
  • compound-ethercETH (CETH) $ 63.56
  • jito-governance-tokenJito (JTO) $ 2.71
  • memecoin-2Memecoin (MEME) $ 0.014771
  • manta-networkManta Network (MANTA) $ 0.885360
  • singularitynetSingularityNET (AGIX) $ 0.527152
  • compound-governance-tokenCompound (COMP) $ 47.45
  • stepnGMT (GMT) $ 0.142113
  • arkhamArkham (ARKM) $ 1.33
  • golemGolem (GLM) $ 0.320873
  • rocket-poolRocket Pool (RPL) $ 15.58
  • corgiaiCorgiAI (CORGIAI) $ 0.000930
  • aragonAragon (ANT) $ 7.92
  • beldexBeldex (BDX) $ 0.047402
  • osmosisOsmosis (OSMO) $ 0.467063
  • blurBlur (BLUR) $ 0.177719
  • superfarmSuperVerse (SUPER) $ 0.690663
  • kusamaKusama (KSM) $ 20.21
  • altlayerAltLayer (ALT) $ 0.132097
  • dymensionDymension (DYM) $ 1.57
  • curve-dao-tokenCurve DAO (CRV) $ 0.252815
  • dashDash (DASH) $ 25.24
  • zilliqaZilliqa (ZIL) $ 0.016004
  • echelon-primeEchelon Prime (PRIME) $ 6.94
  • ponkePONKE (PONKE) $ 0.541245
  • 0x0x Protocol (ZRX) $ 0.344529
  • celoCelo (CELO) $ 0.536753

Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break

0 31

Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally.

This analysis comes as Bitcoin’s current trading behavior exhibits signs that might concern short-term investors.

Bitcoin’s Precarious Path: Potential Drop and Subsequent Rally

Brandt’s analysis indicates that if Bitcoin breaks the $65,000 threshold, it could trigger a further drop to around $60,000, potentially dipping as low as $48,000.

So far, Bitcoin has struggled to sustain momentum above the $70,000 mark, showing a decline of 5.6% over the past week to a current value of $67,170.

Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break

Despite the somewhat grim short-term outlook, Brandt identifies a silver lining with the potential for substantial recovery. His analysis outlines the immediate risks and hints at a rebound, which he terms the “pump” phase following the “dump.”

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

According to Brandt, this pattern typifies the volatile nature of cryptocurrency markets and could serve as a pivotal moment for investors.

Earlier in the year, he made similar observations when Bitcoin was trading at $42,300, suggesting these cycles are common features of bull markets and play a crucial role in distinguishing between novice traders and experienced investors.

JPMorgan Cautions On Bitcoin Touted ETF Demand

Meanwhile, financial institutions like JPMorgan have scrutinized the broader implications of market dynamics on Bitcoin’s valuation. JPMorgan has recently highlighted concerns regarding the overestimation of demand for Bitcoin ETFs.

Their analysis suggests that much of the recent inflow into Bitcoin ETFs does not represent new capital but rather a rotation from traditional cryptocurrency exchange wallets to “more regulated and seemingly secure” ETFs.

This shift has been driven by “cost-effectiveness, regulatory protection, and deeper liquidity” ETFs offer over conventional crypto wallets.

JPM SAYS #BITCOIN ETF DEMAND OVERSTATED BY 2x –>

“Not all of these inflows represent fresh money
entering the crypto space as we believe there has likely
been a significant rotation away from digital wallets on
exchanges to the new spot bitcoin ETFs. This is due to the
cost… pic.twitter.com/l23mDv4Gmd

— matthew sigel, recovering CFA (@matthew_sigel) June 13, 2024

Moreover, following the introduction of spot ETFs, there has been a noticeable decline in BTC reserves on exchanges, indicating that while ETFs are becoming a preferred vehicle for Bitcoin exposure, the overall increase in institutional demand might not be as strong as previously thought.

JPMorgan estimates that actual net flows into Bitcoin ETFs since January stand at about $12 billion, challenging the bullish narrative of massive institutional demand.

Featured image created with DALL-E, Chart from TradingView

Source

Leave A Reply

Your email address will not be published.