Crypto Traders Says Bitcoin In An ‘Unsafe Territory,’ Likely To Plunge To $44,000
By Benzinga
Crypto and stock trader Blockchainedbb predicted a significant drop in Bitcoin’s (CRYPTO: BTC) value, suggesting $44,000 as the bottom. He highlighted many cryptocurrencies that depict an exit pattern.
What Happened: Blockchainedbb warned that Bitcoin is in “unsafe territory” and poised for a significant drop. The analyst stated that if Bitcoin closes below the 200 Daily Exponential Moving Average (EMA), it could tumble to $44,000. He further advised against waiting for a bounce after a 200 Daily EMA close.
The trader noted that each time Bitcoin has lost its 200 daily EMA, it has suffered a loss ranging from 8% to 50%, with an average loss of 30%. He warned that Bitcoin enters a risky phase whenever it loses the 200 Daily EMA.
He added that for those who choose to hold, the average values for the bull run are $50,000, $48,000, and $44,000. Long-term holders, he suggested, should average on June 22, Sep 22, and Dec 22, with averages of $55,000, $52,000, $48,000, and $44,000 in the worst-case scenario. The exit target, he stated, remains at $75,000.
Voicing a similar opinion, an industry expert and founder of Capriole Fund, Charles Edwards highlighted in his latest tweet that Bitcoin is well due for a correction.
Also Read: Crypto Trader Believes Cycle Still Has ‘Ways To Go Into 2025,’ Won’t Touch Long-Term Holds
Why It Matters: Blockchainedbb’s thread also guided investors on when to exit their positions. He suggested that the bearish retouch of the 200 Daily EMA, referred to as Point A, is the ideal exit point before Bitcoin potentially drops further to $50,000, its next support level.
In another list, the trader suggested exiting the Ethereum (CRYPTO: ETH) ETF hype, but added that they are “personally holding and averaging.”
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Image created using artificial intelligence via Midjourney.
