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Analyst Justin Bennett: Bitcoin Could Fall to $52,000

Justin Bennett predicts Bitcoin will crash to $52,000

In a post on X (formerly Twitter) on June 21, analyst Justin Bennett predicted Bitcoin could drop to key ranges between $52,000 and $54,000.

Justin Bennett shares a price chart illustrating the recent decline, highlighting that the price remains range-bound, showing no clear downside or upside when trading between support and resistance.

While Bitcoin could slide towards $52,000, analyst Bennett cited several reasons for this bearish outlook. Specifically, Bitcoin slipped below the important trend line from October 2023 and moved into more bearish territory.

Additionally, analyst Bennett noted market imbalances between February 26 and 27, signaling the risk of less accumulation and more selling pressure for Bitcoin.

Bennett also highlighted the presence of significant liquidity below the $56,500 price threshold for BTC. He believes that the market often tends towards areas with higher liquidity due to the concentration of Bitcoin buying and selling orders. Therefore, the risk of Bitcoin falling below $60,000 is greater.

On the positive side, Bennett revealed the possibility of Bitcoin turning bullish above $72,000, potentially capturing liquidity at these levels. However, the analyst also considers this a less likely scenario given the current state of the chart.

'I've been a crypto advocate since joining in 2020, but the truth is the truth. The charts don't look pretty and the stock market is the only thing keeping crypto from dropping suddenly,' Bennett said.

Investor interest in Bitcoin is waning

In one of his latest X posts, analyst Ali Martinez revealed investor interest in Bitcoin is starting to decline. According to the analyst, BTC is experiencing a significant downturn in exchange-related on-chain activities. Additionally, the pioneering cryptocurrency is now experiencing a significant decrease in network usage, indicating a shift in demand for Bitcoin.

Martinez suggested the cryptocurrency market may be turning its attention to ETH, the world's largest altcoin by capitalization. He revealed that 'the crowd is becoming more and more optimistic about Ethereum', as shown by the increase in social media mentions.

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