🔥🔥🔥 Legendary Trader Warns: #bitcoin Could Plunge Below $50,000 If These Key Levels Break
Renowned trader Peter Brandt recently shared insights on Bitcoin's potential market movements, forecasting a challenging phase followed by a substantial rally.
Brandt's analysis suggests that if Bitcoin breaches the $65,000 support level, it could trigger a further decline to approximately $60,000, potentially bottoming out around $48,000.
Bitcoin has struggled to maintain momentum above $70,000, showing a 5.6% decline over the past week, currently trading at $67,170.
Despite the cautious short-term outlook, Brandt sees a silver lining with the possibility of significant recovery. He outlines the immediate risks and anticipates a rebound phase, termed as the "pump" following the initial "dump."
Brandt emphasizes the volatile nature of #cryptocurrency markets and identifies these cycles as typical in bull markets, crucial for distinguishing between novice traders and experienced investors.
In contrast, financial giant JPMorgan has raised concerns about #BitcoinETFs and their impact on market dynamics.
JPMorgan highlights that recent inflows into Bitcoin ETFs largely represent a shift from traditional cryptocurrency exchange wallets to ETFs perceived as more regulated and secure.
The attractiveness of ETFs lies in their cost-effectiveness, regulatory safeguards, and deeper liquidity compared to conventional crypto wallets. Despite the introduction of spot ETFs, there has been a noticeable decrease in Bitcoin reserves on exchanges, indicating a preference shift towards ETFs for Bitcoin exposure.
However, #JPMorgan 's analysis challenges the bullish narrative of surging institutional demand, estimating net flows into Bitcoin ETFs since January at approximately $12 billion, suggesting that institutional interest might not be as robust as initially perceived.
Source - newsbtc.com