- Bitcoin price dips below $95,000, leading to low sentiments.
- Analyst shares full market breakdown, no recovery soon.
- The analyst revelas new low bear targets as low as $54,000.
As Bitcoin and Ethereum prices fall to lower targets, the Bitcoin price dips below $95,000, and ETH is trading in the $3,100 price range. One reputed crypto analyst goes on to share a full market breakdown and reveals new possible bear targets. He kicks off this technical and psychological analysis by highlighting Bitcoin’s current price, which is trading between $95,000 and $94,000.
Bitcoin Price Dips Below $95,000
With Bitcoin currently sitting at $94,000 after getting massively rejected during the many attempts to recover the EMA50 Weekly, the pioneer crypto asset is now 2% away from the big CME gap at $92,000 that has been open since late April, and 6% away from the EMA 50 Weekly that stands at $100,000. In a few hours, Bitcoin made a weekly close below the EMA 50 Weekly, giving confirmation that Bitcoin is indeed in a bear market.
The analyst then shares his most recent trades, which began when he sold everything at $120,000 BTC price right before the crash and traded the dead cat bounce from $102,000 until $116,000. The analyst made several strategic entries, perfectly allowing him to make gains and take profits at opportune moments. After this, he saw growing sell pressure, which led him to steer clear of both the crypto and stock markets for a while.
The analyst then talks about an AI bubble in stocks and believes this bubble will pop soon, leading to capital rotation into other assets. At the moment, the analyst is keeping an eye out for Nvidia’s earnings report on Wednesday after the close. He expects Nvidia to beat earnings, followed by whales dumping their shares on the news, while retail accumulates overvalued Nvidia shares.
BTC Sell Pressure Continues
As for the present selling pressure, he says that all of it is not coming from whales, but rather from market makers selling their bags at full speed to repay their investors. He then makes a connection to the $20 billion liquidation event last month and states that Binance bankrupted institutions with tens of billions worth of crypto assets, and now those same institutions are being forced to sell those assets to repay investors.
This is the only reason why we are seeing a continuous dump from here, and the only reason why Bitcoin entered a bear market before stocks. The analyst concludes by stating that he still believes Bitcoin will reach a point where it becomes the currency of the world and enters a super cycle where the price only goes higher without big corrections. For now, he expects BTC to continue to fall until it hits prices as low as $54,000.
