Can Bitcoin whales protect BTC price from new $48K downside target?

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William Suberg14 hours agoCan Bitcoin whales protect BTC price from new $48K downside target?Bitcoin is not filling traders with hope as a stubborn BTC price range endures despite mass whale purchasing.6203 Total views18 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin can still drop below $50,000 if what remains of bid support gives way, new analysis warns.

In a post on X on June 14, well-known trader Peter Brandt gave Bitcoin (BTC) bulls food for thought.Trader says Bitcoin buyers must hold $60,000

Bitcoin is dividing opinion at $67,000 as disappointment builds over the latest failed BTC price breakout.

After touching $70,000 earlier this week, BTC/USD once again abandoned its attempt to leave a stubborn trading range in place for many weeks.

Instead, regardless of the volatility that came from United States inflation data, the market returned to all-too-familiar territory.

Now, Brandt is not discounting the possibility of new long-term lows coming next.

“Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph,” he wrote, describing BTC/USD as a “chart of interest.”“But the most obvious is this: Break through 65,000, then mkt goes to 60,000. Break through 60,000 mkt goes to 48,000.”BTC/USD chart. Source: Peter Brandt

Bitcoin last traded below the $50,000 mark in mid-February, one month before hitting current all-time highs of $73,800.

Those highs have since become formidable resistance, with data from trading suite DecenTrader showing the extent of liquidity in place there and beyond.

“There’s pretty thick ask depth around $70K & higher; market will require some new narrative probably to bid through that,” popular trader Skew added in part of his own analysis on June 13.BTC liquidity map. Source: DecenTraderWhale trends counter BTC price gloom

Not everyone subscribed to downside being the most likely BTC price direction to come.

Related: 2nd highest weekly close ever — 5 things to know in Bitcoin this week

Bitcoin whales, some market observers noted, had upped BTC exposure significantly at recent price levels.

The number of whale entities holding at least 1,000 BTC is near all-time highs of its own this week.

“Yes this is bullish,” Willy Woo, creator of on-chain data resource Woobull, wrote in part of an X response.“Every cycle in the past, the FOMO phase of the bull market starts when they start selling into the price rally (i.e. divesting from being whales).”BTC/USD chart with whale population data. Source: Willy Woo

Crypto investor and YouTuber Quinten referred to data from the onchain analytics platform CryptoQuant, which showed whale purchases hitting $1.3 billion.BTC inflows to accumulation addresses. Source: Quinten

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# WhaleAdd reaction