Bitcoin Price Target Cut to $50,000 Amid Bearish Outlook
- Downward Price Trend: Bitcoin's price has fallen nearly 50% from its all-time high, retreating to $66,000 on Thursday, just above the year-to-date low of $60,000, indicating a significant deterioration in market sentiment.
- Target Price Downgrade: Standard Chartered has lowered its year-end Bitcoin price target from $150,000 to $100,000, predicting a potential drop to $50,000, reflecting a bearish outlook on market conditions.
- Investor Capitulation: Data shows that spot Bitcoin ETFs have shed over $282 million in assets this month, with losses nearing $6 billion over the past four months, indicating that investors are capitulating and reallocating funds to the stock market.
- Weak Futures Market: Bitcoin futures open interest has plummeted from $96 billion last year to $44 billion, demonstrating that investors are reducing their exposure to Bitcoin, which further exacerbates the downward pressure on the market.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 40667.003 | 50333.501 | 59853.813 | 69520.311 | 79040.623 | 88707.121 | 98227.433 |
| Fibonacci | 50333.501 | 57662.863 | 62190.95 | 69520.311 | 76849.673 | 81377.76 | 88707.121 |
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