Top Analyst Predicts Bitcoin (BTC) to Drop to $47,000

The price of Bitcoin BTCUSD is expected to drop to around $47,000. This is happening against the backdrop of the ongoing crypto bloodbath. The total cryptocurrency market cap has dropped by 5.16% in the past 24 hours and currently stands at $2.02 trillion.

It is seen as one of the worst performers in the cryptocurrency market in recent times. The Bitcoin price has also been struggling recently. As of writing, BTC is trading at $55,576, down 3.69% from the previous day. However, it has plunged 21.66% in the past 30 days.

Shockingly, the Bitcoin crash does not seem to be over yet. Ari Martinez, a well-known cryptocurrency market expert, shared his key insights on Bitcoin’s price action. He stated on Twitter that the market’s largest coin lacks major support levels.

Bitcoin Faces Bearish Sentiment

Martinez predicts that the key demand area for BTC is around $47,000. This means that the coin is likely to reach this price level during the ongoing market downturn. However, Martinez also explained a potential rally scenario.

#Bitcoincurrently lacks significant support. The main critical demand wall is around $47,000 and for the bull run to resume, $BTC must close and hold above $61,000. July 5, 2024

According to him, the Bitcoin price must close and hold above $61,000 to resume the bull run. While this may seem like a far-fetched scenario considering the current situation, it can never be ruled out. Bitcoin can ignite this potential rally if the bulls try to take control.

However, the crypto community is not too optimistic about this. No one expected the current crash as the market was waiting for a major bull run after the recent BTC halving event. Traders were also optimistic after the approval of a Bitcoin spot ETF earlier this year.

To their disappointment, Bitcoin failed to spark a massive bull run. While Bitcoin has been consolidating over the past few weeks, this week saw a wider bloodbath in the cryptocurrency market. But such volatility in Bitcoin and other cryptocurrencies was expected. So, anything can happen, and we may still see the much-anticipated Bitcoin rally later this year.