{"id":626903,"date":"2024-06-28T15:30:58","date_gmt":"2024-06-28T15:30:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=626903"},"modified":"2024-06-28T13:36:21","modified_gmt":"2024-06-28T13:36:21","slug":"will-bitcoin-continue-dumping-this-analyst-thinks-so-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/will-bitcoin-continue-dumping-this-analyst-thinks-so-heres-why\/","title":{"rendered":"Will Bitcoin Continue Dumping? This Analyst Thinks So, Here’s Why"},"content":{"rendered":"

Bitcoin is consolidating, struggling for gains, and looking at price action in the daily chart. Even with the rejection of lower prices, the coin has yet to follow through, decisively reversing losses of June 24.<\/span><\/p>\n

Should Bitcoin Traders Brace For More Losses?<\/span><\/h2>\n

In light of this, one analyst on X <\/span>thinks<\/span><\/a> there could be more losses in the coming days. Posting on X, the on-chain analyst highlighted a worrying trend: Even amid the Bitcoin trading community’s optimism, sellers are relentlessly stacking up more short orders. <\/span><\/p>\n

\"Traders
Traders increasing short bets | Source: @AxelAdlerJr via X<\/figcaption><\/figure>\n

According to the Bitcoin Net Taker Oscillator indicator, the reading is -1.5%. At this level, it is at the same point observed when prices rocketed to as high as $70,000 in November 2021 before dumping sharply throughout 2022.<\/span><\/p>\n

Bitcoin is trending at a near all-time high, roughly 20% from $73,800 printed in mid-March 2024. Although the uptrend of Q1 2024 defines the current formation, prices are retesting key support levels stacked between $56,500 and $60,000.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

If there are deeper losses, as the analyst projects, BTC could crash, reaching $50,000. This development would automatically disqualify the short-squeeze narrative in some quarters. <\/span><\/p>\n

Related Reading: WIF Heading For Rock Bottom? $2.2 Rejection Fuels Further Decline<\/a><\/div>\n

Compounding the bearish pressure, the analyst also <\/span>picked out<\/span><\/a> an uptick in long liquidations, rising to 13% as of June 27. The upswing in long liquidations means that leveraged traders across leading exchanges like Binance and OKX<\/a> are now exiting at a loss.<\/span><\/p>\n

The analyst added that what’s happening regarding liquidation is similar to events in the 2019-2020 correction. Then, more long traders were liquidated, and within five months, BTC crashed by 46%. <\/span><\/p>\n

If the past guides, then it is likely that the same could unfold in the coming months. However, the analyst notes that if whales buy over 500,000 BTC, prices will stabilize and shoot higher. <\/span><\/p>\n

Bearish Sentiment Building Up: Time To Buy Bitcoin?<\/span><\/h2>\n

Santiment data also <\/span>reinforces<\/span><\/a> this bearish narrative. In recent weeks, the number of users and traders expecting BTC to edge higher has been plunging across multiple social media platforms. <\/span><\/p>\n

Of note, bearish sentiment has been building up since the Bitcoin halving event and the sideways movement of prices since April 2024. Though traders were optimistic ahead of the Halving event on April 20, the failure of prices to breach $74,000 eroded confidence. <\/span><\/p>\n

\"Bearish
Bearish sentiment increasing | Source: @santimentfeed via X<\/figcaption><\/figure>\n

Even so, the current bearish sentiment could be a contrarian indicator, especially considering the general resilience of bulls. Prices remain above $60,000, rejecting attempts for lower lows.<\/span><\/p>\n

Related Reading: Don\u2019t Sweat The Dip! Ethereum 15% Price Slump Could Spark Epic Comeback \u2014 Analyst<\/a><\/div>\n

Often, declining trader and investor confidence accompany bottoms, a situation seen as of late June. Aggressive traders might view this as a loading opportunity, believing BTC is undervalued at spot rates. <\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is consolidating, struggling for gains, and looking at price action in the daily chart. Even with the rejection of lower prices, the coin has yet to follow through, decisively reversing losses of June 24. Should Bitcoin Traders Brace For More Losses? In light of this, one analyst on X thinks there could be more losses in the coming days. Posting on X, the on-chain analyst highlighted a worrying trend: Even amid the Bitcoin trading community’s optimism, sellers are relentlessly stacking up more short orders. According to the Bitcoin Net Taker Oscillator indicator, the reading is -1.5%. At this level, it is at the same point observed when prices rocketed to as high as $70,000 in November 2021 before dumping sharply throughout 2022. Bitcoin is trending at a near all-time high, roughly 20% from $73,800 printed in mid-March 2024. Although the uptrend of Q1 2024 defines the current formation, prices are retesting key support levels stacked between $56,500 and $60,000. If there are deeper losses, as the analyst projects, BTC could crash, reaching $50,000. This development would automatically disqualify the short-squeeze narrative in some quarters. Related Reading: WIF Heading For Rock Bottom? $2.2 Rejection Fuels Further Decline Compounding the bearish pressure, the analyst also picked out an uptick in long liquidations, rising to 13% as of June 27. The upswing in long liquidations means that leveraged traders across leading exchanges like Binance and OKX are now exiting at a loss. The analyst added that what’s happening regarding liquidation is similar to events in the 2019-2020 correction. Then, more long traders were liquidated, and within five months, BTC crashed by 46%. If the past guides, then it is likely that the same could unfold in the coming months. However, the analyst notes that if whales buy over 500,000 BTC, prices will stabilize and shoot higher. Bearish Sentiment Building Up: Time To Buy Bitcoin? Santiment data also reinforces this bearish narrative. In recent weeks, the number of users and traders expecting BTC to edge higher has been plunging across multiple social media platforms. Of note, bearish sentiment has been building up since the Bitcoin halving event and the sideways movement of prices since April 2024. Though traders were optimistic ahead of the Halving event on April 20, the failure of prices to breach $74,000 eroded confidence. Even so, the current bearish sentiment could be a contrarian indicator, especially considering the general resilience of bulls. Prices remain above $60,000, rejecting attempts for lower lows. Related Reading: Don\u2019t Sweat The Dip! Ethereum 15% Price Slump Could Spark Epic Comeback \u2014 Analyst Often, declining trader and investor confidence accompany bottoms, a situation seen as of late June. Aggressive traders might view this as a loading opportunity, believing BTC is undervalued at spot rates. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":626892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,8856,679,1119,1122,78790],"class_list":["post-626903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nWill Bitcoin Continue Dumping? This Analyst Thinks So, Here's Why<\/title>\n<meta name=\"description\" content=\"Bitcoin is falling. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will Bitcoin Continue Dumping? 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