More Pain Ahead: Analyst Warns Of Imminent Bitcoin Plunge Below $54,000 To Fill CME Gap
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Bitcoin showed resilience by climbing above $57,000 after a substantial drop, but it retraced quickly to around $54,900. Analyst Rekt Capital noted Bitcoin may need to fill the CME Gap between $53,700 and $54,600, signaling a potential further drop. Bearish indicators highlighted by CryptoQuant's Julio Moreno and others suggest the possibility of Bitcoin entering a bear phase, recalling earlier significant market downtrends.
Crypto firm Material Indicators shares pessimism about Bitcoin’s short-term future, pointing towards stabilization around $50,000 but cautioning a dip to $45,000 if this support fails. Market expert Jesse Olson’s detection of a pending sell signal further underscores the bearish sentiment, reinforcing concerns about Bitcoin's upcoming performance.
Sustained upward movement is necessary for Bitcoin to counteract current downtrends and revisit its peak values, highlighting the importance of bullish momentum in the days ahead.
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