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Bitcoin Double Top? Is It Time to Panic? How Low Prices Could Plunge?

Institutional Crypto Research Written by Experts

Author

Markus Thielen
June 23, 2024

👇1-11) Bitcoin continues to tumble, and liquidity sharply declines with falling prices. Many are afraid to look at their crypto holdings and take action. Bitcoin prices are still relatively high, but this could change soon. This is the time to make tough decisions. Only if we sell at high levels can we buy lower and come out ahead. Crypto often moves in parabolic up-cycles, but the difference between retail and institutional investors is risk management.

👇2-11) After Bitcoin failed to break higher, we warned subscribers to focus on risk management. We defined an Ethereum break at 3,725 (June 7: Ethereum Breaks Key $3,725 Support: Imminent Liquidations Expected?) as an early warning sign, followed by short signals for Bitcoin (June 12 BTC at 67,339) and Solana (June 12 SOL at 149.16) from our trading signals. According to our trend model, Bitcoin also moved into a downtrend on June 19 (at 65,140). Those three are trading at ETH at 3,423 (-8%), BTC at 63,264 (-6%), and SOL at 127.03 (-14%).

👇3-11) Bitcoin could shift from its current range trading (60,000-70,000) into a topping formation, potentially leading to a steeper decline. As we've observed over the past three months, range trading is a complex phase, often marked by several false breakouts. However, topping formations have historically left the average retail investor vulnerable, with many altcoins experiencing significant drops.

How low can Bitcoin go?

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