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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Bitcoin Price Bottom Not In Yet As BTC Loses $19,000, This Expert Says

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:25 pm
3 mins read
bitcoincrash2 bitcoin price

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The Bitcoin price is attempting recovery on low timeframes as the cryptocurrency struggles to get above $19,000 and prevent further downside. Selling pressure has been relentless over the last 24 hours and has sunk market sentiment back into the fear territory.

Related Reading: Bitcoin Price (BTC) Slides Under $19,000 — The First Time Since July 4

Over the next week, the crypto space will go through a major milestone as Ethereum completes its transition to a Proof-of-Stake (PoS) consensus. Check out our analysis of the potential impact on the price of Ethereum and what to expect for the crypto market.

At the of writing, Bitcoin price trades at $18,900 with a 5% loss in the past day and seven days, respectively. The rest of the crypto market preserves some of its gains from the past weeks, but the bullish momentum in Ethereum (ETH) and Cardano (ADA), might be fading.

Bitcoin price BTC BTCUSDT
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Why The Bitcoin Price Must Reclaim These Levels

According to crypto analyst Justin Bennett, Bitcoin price was able to hold about a critical support zone as yesterday’s selling pressure intensified. The cryptocurrency was moving in a tight range and flirting with levels north of $20,000, but ultimately bears won the round leading to downside price action.

As seen below, Bitcoin has been bouncing from yesterday’s low at around $18,600 since June 2022. At that time the crypto market was coming off a steep decline and was on track for a long period of consolidation on high timeframes.

Bitcoin Price BTC BTCUSDT
BTC’s price bouncing off critical support. Source: Justin Bennett via Twitter

This consolidation persists as bulls were able to defend Bitcoin price current levels, but the cryptocurrency stands at a critical area. Bennett said the following about the levels that the BTC price must reclaim to prevent further losses:

The #Bitcoin chart is pretty straightforward. The $19k region is support. Below that on a daily closing basis, we probably see at least $17,600, if not much lower. BTC bulls need to reclaim $19,700 to see $20,500 and potentially $21,400. I still don’t think the bottom is in.

So far the cryptocurrency has managed to reclaim some ground, but bulls must push the price to about $19,000 on a daily close basis or risk this support zone turning into resistance.

Inflation Might Take Another Hit Down, Will BTC Bounce?

In the next few days, the U.S. will release its August Consumer Price Index (CPI) print, a metric used to measure inflation in the dollar. The July CPI print hinted at a potential slowdown in inflation, and the upcoming results could provide the Federal Reserve (Fed) with some room to relax its monetary policy.

According to Bloomberg Intelligence Mike McGlone, the decline in the price of Crude Oil, an important item when measuring CPI, could lead to a Bitcoin price rally. In the long run, the expert believes today’s macroeconomic outlook will lead the world to “enter a deflationary recession”.

Related Reading: Bitcoin Breaks Key Support Of $19,000 As Bulls Sweats, What Is Next?

This might cause major changes in the legacy financial system, cementing Bitcoin’s role as one of the world’s most important stores of value along with gold and U.S. bonds. McGlone said:

This scenario is gaining traction at the start of September as indicates by declining commodities, global GDP and rising expectations for interest-rate hikes.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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