The price of Bitcoin (BTC) has been predicted to plummet near the $47,000 mark. This comes amid the ongoing crypto bloodbath. The total crypto market cap has dipped 5.16% in the last 24 hours, currently at $2.02 trillion.
It is seen as one of the worst crypto market drums in the recent past. The Bitcoin price has also been in trouble lately. As of writing this story, BTC is trading at $55,576, a decrease of 3.69% over the last day. However, it has plummeted 21.66% in the last 30 days.
Shockingly, it seems that this Bitcoin crash is not going to end yet. Renowned crypto market expert Ali Martinez has shared his crucial insights about BTC's price movement. He tweeted that the largest coin on the market lacks a major support level.
Bearish sentiment looms over Bitcoin
Martinez has predicted that BTC is having a key demand zone around the $47,000 area. This means that it is likely that the coin will hit this price level during the ongoing market downturn. However, Martinez also explained a potential rebound scenario.
#Bitcoin currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, $BTC must close and hold above $61,000. pic.twitter.com/9cD2otd4ZK
— Ali (@ali_charts) July 5, 2024
According to him, the Bitcoin price has to close and hold above the $61,000 level to resume its bull run. While it seems a far-fetched scenario considering the current scenario, it can never be taken out of the picture. If bulls try to take control, Bitcoin can ignite this potential rebound.
However, the crypto community does not look too optimistic about it. No one was anticipating the current crash as the market was awaiting a major bull run after the recent BTC halving event. Traders were also bullish after the approval of Bitcoin spot ETFs earlier this year.
To their dismay, Bitcoin failed to ignite a major bull run. While it was consolidating in the past few weeks, this week brought a broader crypto bloodbath. But such volatility is expected from Bitcoin and other coins. Hence, anything can happen, and we may still see the much-anticipated Bitcoin rally later this year.