Bitcoin: Why you should brace for a crash to $53k after the latest dip

In the wake of this major breakdown, veteran trader and analyst Peter Brandt spotted a bearish inverted flag and pole price action on BTC’s chart.highlighted bearish sentiment, adding a chart where BTC not only breaks a major support level but also breaks down from a bearish flag pattern.

On 4th July, James made a post on X stating there is a low possibility that the United States Securities and Exchange Commission will approve a spot Ethereum ETF by the predicted launch dates.“I have fairly low confidence in those launch date predictions at this point. Theres no deadline & SEC’s Corp Fin is taking their time here .

While this 200 EMA might provide support, the current market sentiment and investors’ interest signal a bearish outlook for BTC. If BTC on a daily time frame gives a daily candle closing below 200 EMA and $57,700 level, then in the coming days we may see a massive price drop of 8% to $53,000.Ann is a News Editor at AMBCrypto. After getting a Masters in International Relations, Ann worked at Reuters News for 4 years as a Breaking News correspondent. Ann uses her eye for attention to detail to focus on the regulatory and political developments associated with the crypto-space.Subscribe to get it daily in your inbox.

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