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Will bitcoin drop below $50,000 where its ‘electrical cost’ is situated?
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Summarize with AI
Summarize with AI
Bitcoin’s weekend price ascent came to a halt hours ago after the peace talks between the US and Iran fell apart, and the asset slipped by over two grand from top to bottom.
Meanwhile, a few analysts outlined possible reasons why BTC could be on the verge of a more profound correction.
Is BTC Heading South?
After yesterday’s bullish article, in which we cited several on-chain reasons that could lead to a price pump, now it’s time for the different and contrasting perspective as noted by a few popular analysts.
Ted Pillows, for example, predicted that a reclaim of the $73,000-$74,000 level could give BTC one final push before it reverses to new lows. However, the asset couldn’t even go beyond $74,000 before it slipped to $71,500 over the past 12 hours.
In a separate post, he noted that BTC’s ‘electrical cost’ has dropped further to $47,000, and noted that the cryptocurrency has formed a lower floor.
Pillows is highly bearish on BTC’s price performance and outlined another chart that “isn’t looking good” for the asset. He compared bitcoin’s moves to software stocks, noting that the two asset classes tend to move along, which could spell trouble for the cryptocurrency.
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Meanwhile, Crypto Rover outlined a bullish crossover for BTC on the weekly timeframe MACD. However, the analyst claimed this “does NOT mean the bear market bottom is in,” as when it happened twice during the 2022 crash, BTC plunged by 60% and 40%, respectively.
The Dark Horse (Again)
As with our bullish article, we also need to talk about the big elephant in the room: the war in the Middle East. No matter what on-chain data is showing at the moment, BTC has been predominantly impacted by the developments in the US/Israel vs Iran front, and the past 12 hours only proved that narrative.
BTC had climbed from $68,000 to almost $74,000 from Tuesday to Saturday evening after the two-week ceasefire announced by the US and Iran. However, the failure of the peace talks in Pakistan led to an immediate crash of over $2,000 in minutes. As such, it’s expected that bitcoin will continue to follow the developments in the Middle East and its price will be more influenced by Trump’s comments rather than fundamentals, at least for now.
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Source: https://cryptopotato.com/the-2k-drop-today-was-just-the-beginning-why-this-analyst-says-bitcoin-isnt-done-crashing/
