Analysts warn as Bitcoin faces a decline.
After yesterday’s pullback, the cryptocurrency markets started today with rapid sell-offs, continuing with a decline of around 7% in total market value.
The current outlook for the overall market indicates that critical levels have been reached, with some analysts warning of further losses. Among these analysts is Peter Brandt, who mentioned in his latest post that there is a warning sign for the bulls.
With today’s decline, Bitcoin has started testing below $57,000, reaching its lowest level in the past three months. The rest of the market continues to experience heavy sell-offs as well. CoinGlass data shows that over $300 million in futures positions have been liquidated in the last 24 hours.
Such free falls typically spread FUD (fear, uncertainty, and doubt), especially among individual investors. Highlighting investor sentiment, Brandt mentioned in his latest post that Bitcoin is at a critical level and warned that the decline could extend further.
Here in the U.S. on the July 4 weekend our attention always turns to flags $BTC pic.twitter.com/rZifxnz0ch
— Peter Brandt (@PeterLBrandt) July 3, 2024
A popular analyst highlighted the bear flag formation, which is considered a significant bearish pattern in his analysis. Brandt warned that if this pattern holds, losses in Bitcoin could increase.
Famous Bitcoin Critic Peter Schiff Predicts Bitcoin Crash
Peter Schiff, who often comments during Bitcoin’s downturns, didn’t miss the opportunity to comment on the latest decline in the cryptocurrency.
Known as a gold investor and Bitcoin critic, Peter Schiff told investors that Bitcoin is at a critical support level that should not be ignored. Schiff believes that the bearish trend in Bitcoin could intensify and claimed that in the event of a crash, the cryptocurrency could lose around 60% of its value. This would bring Bitcoin to approximately $23,000, a bold prediction given the current price levels.
Note: This is not investment advice
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