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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Sep 26, 2024 06:16 UTC
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Bitcoin Price Could Break Below $49k?! Veteran Trader Issues Warning
Bitcoin price has been forming a potential reversal pattern in the four-hour timeframe after hitting resistance at $64k.
The price has closed below the 200-day MA and has not managed to break through the $64k resistance.
Bitcoin whales have shown mixed reactions to recent economic developments, with some selling and others buying.
Bitcoin (BTC) is showing signs of a potential midterm reversal in the four-hour timeframe after hitting a significant resistance level near $64,000. The leading cryptocurrency dipped about 2% in the last 24 hours, trading at roughly $63,241 early on Thursday, September 26, during the Asian session.
Bitcoin’s price closed below the critical 200-day Moving Average (MA) and has been unable to breach the $64,000 resistance level.
What does the future hold for Bitcoin? Could this dip be the game-changer we’ve needed?
Bitcoin Price Struggles
In the four-hour chart, Bitcoin appears to be forming a potential triple-top pattern, along with bearish divergence on the Relative Strength Index (RSI). Veteran trader Peter Brandt noted that for Bitcoin to regain bullish momentum, it must consistently close above its July high of approximately $65,200.
Brandt suggests that Bitcoin could temporarily drop below $49,000 before staging a recovery toward its all-time highs. Despite this bearish outlook, Bitcoin has established a strong support level above $53,000, which could act as a buffer for a midterm rebound.
Whales Show Mixed Reactions
Amid a shifting global economic landscape driven by rate cuts in the US, Europe, Canada, and China, Bitcoin whales have shown mixed signals. On-chain data reveals that whales offloaded over 20,000 BTC in the past 24 hours.
While whale activity remains uncertain, U.S. spot Bitcoin ETFs saw a net cash inflow of around $105 million on Wednesday, pushing the total inflows to over $1 billion in the last three weeks.
Bitcoin to Follow Gold’s Path?
As analysts look ahead to the fourth quarter, many on Wall Street expect Bitcoin to follow Gold’s price movements in the short term, particularly as the final quarter of the year kicks off in just a week.
Will Bitcoin bounce back or continue its downward spiral? Only time will tell.
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