Despite a handful of short-lived rebounds, Bitcoin has remained locked in a steep multi-month downtrend, and many analysts believe it hasn\u2019t reached its true cycle bottom.<\/p>\n
There is a growing debate over whether BTC (which now trades just south of $63,000) is poised to break under the psychological $50,000 level, with some warning that an even deeper crash might be on the horizon.<\/p>\n
A few hours ago, Ali Martinez paid close attention to the $60,000-$63,000 range, noting<\/a> it is the largest volume cluster, with more than 1.3 million BTC transacted.<\/p>\n In his view, \u201cimmediate support\u201d at $60,587 must hold to maintain the current trend, but a break below could open the door to a collapse to $46,702, where 150,000 coins moved. Moreover, a subsequent drop beneath that zone could trigger a devastating crash to $37,867, something last observed towards the end of 2023.<\/p>\n X user Chiefy also thinks the worst is ahead, predicting<\/a> a \u201cfinal trap\u201d that could take the price to as low as $44,000. \u201cThat\u2019s where the crowd finally gives up. Just like they did in 2022,\u201d the analyst added.<\/p>\n Despite the prevailing bearish sentiment and a wave of pessimistic forecasts, large investors seem remarkably unshaken. Not long ago, these market participants purchased<\/a> 30,000 BTC (worth over $1.8 billion) in the span of a single week.<\/p>\n Such accumulation signals that whales are positioning for the next price pump and shows their strong conviction in the asset\u2019s long-term price potential. It is worth noting that smaller players monitor these actions and could get encouraged to hop on the bandwagon, thus distributing fresh capital into the ecosystem.<\/p>\n Meanwhile, the analytics platform Lookonchain revealed<\/a> that one anonymous whale opened a 40x long position on Bitcoin, worth nearly $70.5 million. This is a highly risky bet, and a plunge to $61,724 would liquidate the trader (should they not provide additional collateral to keep the position open).<\/p>\n Some might see this as a sign of an incoming resurgence. After all, whales are known for being experienced investors who rarely wager substantial sums, relying simply on their sixth sense.<\/p>\n The post Bitcoin Warning: Here\u2019s Why BTC\u2019s Price Could Crash Below $38K (Analyst)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Despite a handful of short-lived rebounds, Bitcoin has remained locked in a steep multi-month downtrend, and many analysts believe it hasn\u2019t reached its true cycle bottom. There is a growing debate over whether BTC (which now trades just south of $63,000) is poised to break under the psychological $50,000 level, with some warning that an […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-186279","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/186279"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=186279"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/186279\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=186279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=186279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=186279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Whales Don\u2019t Agree<\/h2>\n