{"id":575205,"date":"2024-02-15T14:30:27","date_gmt":"2024-02-15T14:30:27","guid":{"rendered":"https:\/\/uniquehot.com\/?p=575205"},"modified":"2024-06-11T08:32:44","modified_gmt":"2024-06-11T08:32:44","slug":"bitcoin-rise-to-52000-masks-potential-pitfalls-ahead-analyst-warns","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rise-to-52000-masks-potential-pitfalls-ahead-analyst-warns\/","title":{"rendered":"Bitcoin&#8217;s Rise To $52,000 Masks Potential Pitfalls Ahead, Analyst Warns"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/why-ethereum-could-hit-the-12000-mark-before-the-end-of-this-cycle\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Crypto analyst Justin Bennett<\/span><\/a><span style=\"font-weight: 400\"> has laid out a bearish narrative for the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-reaches-trillion-dollar-valuation-how-it-stacks-up-to-stocks-gold-more\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">flagship crypto token Bitcoin<\/span><\/a><span style=\"font-weight: 400\">. Based on his analysis, Bitcoin will likely drop below the $50,000 level again before it moves further to the upside.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin-breaches-52000-reclaiming-1-trillion-market-cap-as-btc-eyes-higher-ground\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Hits $52,000-Plus, Explodes Over 21% For 2024 \u2013 Details<\/a><\/div>\n<h2>Bitcoin Could Drop Back To As Low As $47,000<\/h2>\n<p><span style=\"font-weight: 400\">In an X (formerly Twitter) post, Bennett mentioned that the price range between $47,000 and $49,000 \u201cis the land in the sand\u201d for Bitcoin. This statement came from his belief that the crypto token will soon see a price retracement. He also reminded his followers of how \u201cBitcoin carves <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-rise-hinges-on-etf-approval-analyst\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">significant tops<\/span><\/a><span style=\"font-weight: 400\">.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto analyst suggested that $52,000 was a \u2018significant top\u2019 and that a <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crash-not-bad\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">price correction could be imminent<\/span><\/a><span style=\"font-weight: 400\">. Bennett added that his prediction could be invalidated if BTC saw a sustained break above $53,500. Meanwhile, he also compared <\/span><a href=\"https:\/\/bitcoinist.com\/stocks-retrace-push-bitcoin-down-before-christmas\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Bitcoin and US stocks<\/span><\/a><span style=\"font-weight: 400\">, stating that there was an ongoing correlation between them.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bennett also disagrees that Bitcoin\u2019s rally could be longer this cycle, especially considering the demand that the <\/span><a href=\"https:\/\/bitcoinist.com\/evaluating-performance-bitcoin-etfs-since-launch\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot BTC ETFs<\/span><\/a><span style=\"font-weight: 400\"> are seeing. He <\/span><a href=\"https:\/\/x.com\/JustinBennettFX\/status\/31235872?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">stated<\/span><\/a><span style=\"font-weight: 400\"> his indifference about these funds and mocked how everyone predicted they would send Bitcoin to a potential all-time high (ATH).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">From a technical analysis perspective, the crypto analyst was more concerned about BTC&#8217;s price action and remarked that \u201cthe chart will tell the story.\u201d<\/span><\/p>\n<h2>BTC Fundamentals Are Getting Stronger<\/h2>\n<p><span style=\"font-weight: 400\">While Bennett predicts that Bitcoin will drop soon enough, it is worth mentioning that the crypto token\u2019s fundamentals are getting stronger, which could also dictate its price action. Citing data from Glassnode, <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-push-beyond-50000-era-hope-what-comes-next\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">crypto analyst Ali Martinez<\/span><\/a><span style=\"font-weight: 400\"> recently <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/73596629?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">revealed<\/span><\/a><span style=\"font-weight: 400\"> that the amount of BTC held in known crypto exchange wallets has dropped to its lowest in six years.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As highlighted by Martinez, this suggests that the <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/these-developments-show-that-bitcoin-bullish-momentum-is-far-from-over\/#:~:text=These%20Developments%20Show%20That%20The%20Bitcoin%20Bullish%20Momentum%20Is%20Far%20From%20Over,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20Ali%20Martinez%20has,of%20the%20imminent%20bull%20run.\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">market sentiment<\/span><\/a><span style=\"font-weight: 400\"> around the flagship crypto is changing, with most investors looking to hold for the long term. <\/span><\/p>\n<p><span style=\"font-weight: 400\">That is considered a positive development and bullish for Bitcoin\u2019s price since the amount of BTC that can be acquired is further reduced, creating some form of scarcity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto analyst had also <\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/these-developments-show-that-bitcoin-bullish-momentum-is-far-from-over\/#:~:text=These%20Developments%20Show%20That%20The%20Bitcoin%20Bullish%20Momentum%20Is%20Far%20From%20Over,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20Ali%20Martinez%20has,of%20the%20imminent%20bull%20run.\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">recently mentioned<\/span><\/a><span style=\"font-weight: 400\"> how Bitcoin holders are currently in a phase of belief, which signals potential further gains ahead for BTC.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/stacks-stx-stuns-price-soars-over-60-in-epic-recovery-as-tvl-explodes\/\" target=\"_blank\" rel=\"noopener \">Stacks (STX) Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to CoinMarketCap data, Bitcoin is trading at around $51,900 at the time of writing, up over 2% in the last 24 hours.<\/span><\/p>\n<figure id=\"attachment_575209\" aria-describedby=\"caption-attachment-575209\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-575209 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=860&#038;resize=860%2C410\" alt=\"bitcoin price btc btcusdt\" width=\"860\" height=\"410\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=2372 2372w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/bitcoin-price-btc-btcusdt-1.png?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-575209\" class=\"wp-caption-text\">BTC&#8217;s price trends to the upside on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<p>Chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto analyst Justin Bennett has laid out a bearish narrative for the flagship crypto token Bitcoin. Based on his analysis, Bitcoin will likely drop below the $50,000 level again before it moves further to the upside.\u00a0 Related Reading: Bitcoin Hits $52,000-Plus, Explodes Over 21% For 2024 \u2013 Details Bitcoin Could Drop Back To As Low As $47,000 In an X (formerly Twitter) post, Bennett mentioned that the price range between $47,000 and $49,000 \u201cis the land in the sand\u201d for Bitcoin. This statement came from his belief that the crypto token will soon see a price retracement. He also reminded his followers of how \u201cBitcoin carves significant tops.\u201d The crypto analyst suggested that $52,000 was a \u2018significant top\u2019 and that a price correction could be imminent. Bennett added that his prediction could be invalidated if BTC saw a sustained break above $53,500. Meanwhile, he also compared Bitcoin and US stocks, stating that there was an ongoing correlation between them.\u00a0\u00a0 Bennett also disagrees that Bitcoin\u2019s rally could be longer this cycle, especially considering the demand that the Spot BTC ETFs are seeing. He stated his indifference about these funds and mocked how everyone predicted they would send Bitcoin to a potential all-time high (ATH).\u00a0 From a technical analysis perspective, the crypto analyst was more concerned about BTC&#8217;s price action and remarked that \u201cthe chart will tell the story.\u201d BTC Fundamentals Are Getting Stronger While Bennett predicts that Bitcoin will drop soon enough, it is worth mentioning that the crypto token\u2019s fundamentals are getting stronger, which could also dictate its price action. Citing data from Glassnode, crypto analyst Ali Martinez recently revealed that the amount of BTC held in known crypto exchange wallets has dropped to its lowest in six years. As highlighted by Martinez, this suggests that the market sentiment around the flagship crypto is changing, with most investors looking to hold for the long term. That is considered a positive development and bullish for Bitcoin\u2019s price since the amount of BTC that can be acquired is further reduced, creating some form of scarcity.\u00a0 The crypto analyst had also recently mentioned how Bitcoin holders are currently in a phase of belief, which signals potential further gains ahead for BTC.\u00a0 Related Reading: Stacks (STX) Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes According to CoinMarketCap data, Bitcoin is trading at around $51,900 at the time of writing, up over 2% in the last 24 hours. Chart from Tradingview<\/p>\n","protected":false},"author":594,"featured_media":567857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,680,1119,1122,86867,89713,78790],"class_list":["post-575205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btc","tag-btc-price","tag-btc-price-analysis","tag-btc-price-chart","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Rise To $52,000 Masks Pitfalls Ahead, Analyst Warns<\/title>\n<meta name=\"description\" content=\"Crypto analyst Justin Bennett has laid out a bearish narrative for the flagship crypto token Bitcoin which could spell trouble for BTC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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