Why is Bitcoin STILL Dumping? Watch it hit THIS Price Level!

Why is Bitcoin still dumping how low can Bitcoin go when am I buying what am I Buying watch bitcoin price hit this Level let's talk about this in this Video and find out everything else going On in the wonderful world of Cryptocurrency smash the like button Send this video to one friend who's just A little bit worried about the crypto Markets let's get into it bitcoin's Price is tanking right now why for Context remember Bitcoin spent the first 3 months of 2024 in a major rally and The last 2 months in consolidation and Now it broke below support of about $62,000 usually breaking support like This means that we're going to go lower Before we go higher again the question Is how low can Bitcoin go at what price Will buyers be enticed to jump back in It's important to note although this Correction feels like a lot Bitcoin is Only 23% down from its highs of March But putting it in context here's a list Of all Bitcoin pullbacks dating from the Bottom of the bare Market in 2022 all The way to today so February 2023 Bitcoin's price was in the low 20s it Fell 23% that felt like a lot in April And May of 2023 bitcoin's price fell 21% This was in the high 20s this felt like A lot in July and September of 2023 Bitcoin fell 22% bitcoin's price still Ranging in the 20s felt like a lot felt

Like Bitcoin was never going to go up Again January 2024 now we're getting Into 2024 bitcoin's price fell down to The mid-30s everybody said the ETFs were A failure in March of 2024 we saw that 18% dip in April May of 2024 we saw that 23% dip and indeed that is today's dip So with Bitcoin being just 23% off its All-time high why does it feel worse Than it is well take a look this is the Second longest run of red weekly candles In bitcoin's history second to here in 2022 and tied here in 2015 both times we Were in deep bare markets I think Anybody who says bitcoin's about to head Into a bare Market is way off because For context Bitcoin just had the equal Longest run of green monthly candles in Its history seven consecutive green Monthly candles say as 2012 seven Consecutive green monthly candles a red Candle was inevitable now interesting to Note the last time this happened it was Followed by a 6month streak of green Candles then another 5 months of gains So we did have that big red candle here But look huge rally after that and then A huge rally after that so what's the Real reason that bitcoin's price is down Well it was really a buy the rumor sell The news event with Bitcoins having now Two big Bitcoin coin narrative catalysts Are in our past the Bitcoin having and Black rocks ETF not that those aren't

Largely significant for bitcoin's future But in the short term these two Narratives are in our past and we're Seeing a cool down because of it so how Low could bitcoin's price fall 50k 45k 40K where am I buying Standard Chartered Bank says that bitcoin's price could Fall to 50,000 major global bank Standard Chartered believes that the Bitcoin price could see further downside To around $50,000 according to recent Comments Jeffrey Kendrick head of Forex And digital assets research at Standard Chartered told the block bitcoin's Proper price breakdown below 60,000 has Now reopened a route to the 50,000 52,000 range Kendrick cited both the Bitcoin market and broader macroeconomic Factors Weighing on bitcoin's Price He Highlighted five straight days of Outflows from the US spot Bitcoin ETFs And the slow start of the new Hong Kong Spot Bitcoin ETFs as the reason for the Recent price draw down Beyond markets Kendrick pointed to deteriorating Liquidity measures in the US that have Put pressure on risk assets like Bitcoin So because support has been broken I am Watching for the 52,000 range for Bitcoin I think Standard Chartered makes A good point I think this is spoton it Might not happen because ultimately There's plenty of reason to be bullish Standard Chartered and Kendrick maintain

A bullish long-term Outlook the bank Recently raised its 2024 year-end Bitcoin price Target to 150,000 and sees the price of Bitcoin Potentially reaching quar million dollar By next year 2025 so I'm still long-term Bullish I'm still bullish for Bitcoin And crypto this cycle I do want to give You a warning though you know the market Goes in ab and flows and benjam Cowen Says there's still a real risk of alts Versus Bitcoin pairs capitulating to the Range lows in the coming months what he Means by this is altcoins versus US Dollar how we usually see the charts Well maybe they go up maybe they go down But alts versus Bitcoin goes down is What Benjamin Cowen is speculating Nothing with investing is a sure thing Of course but Ben says I saw it happen Last cycle just before rate Cuts arrived And wish I had thought about that Outcome which is why I keep reminding You personally I am into alts trading Holding some quality ones altcoins are The best way to make money in crypto and From the charts I'm looking at the Biggest altcoin season since 2017 is Loading up take a look at this chart of The total crypto market cap excluding Bitcoin this is us today as you can see Few months ago we broke out and now We're retesting just like in 2020 here Just like in 2016 here so anyone who is

Bearish here obviously hasn't done their Homework altcoins about to enter the Parabolic curve if we repeat 2016 and 2020 history doesn't repeat itself but It often Rhymes accumulation back test Send it this is what we're seeing months Of Glory ahead but maybe this happens First important to note too that the Total crypto market cap has just tested The 20 we moving average right here Bounce here keep the trend line that's What we're looking for and from a Fundamental point of view there's still A lot of reason to be bullish black rock Is moving ahead on its tokenized fund Bitcoin ETF leader Black Rock leads a 47 Million funding round in securitize Black Rock's build fund created with Securitize has 375 million in assets Under management securitize says about Working with black rock they say for Years we've been grinding and working on Our Tech stack getting all our licenses And being regulatory compliant the fact That this is led to work with the Largest asset manager in the world Issuing the largest tokenized Fund in History is a super big accomplishment The US spot ethereum ETF is inevitable Particularly when we continue to see Stuff like this Patrick McKenry the US House Financial Service committee chair Has accused Gary Gensler of misleading Us lawmakers over ethereum I mean

Patrick McKenry is one of several Lawmakers who's trying to call Gary Gensler out on his BS you remember this Clip Gary Gensler getting called out by Tom emmer the biggest crypto failure in History is probably FTX at9 billion were You the chairman of the SEC when FTX Collapsed yes and how many times did you Meet with FTX prior to their collapse I Think my public record shows two you met It with FTX at least twice and arguably The second biggest crypto failure in History was teral Luna who was the Chairman of the SEC when teral Luna Collapsed sir we had brought you were Sir reclaiming my time you were does it Concern you that your approach to the Digital asset industry is actually Driving this industry out of the United States we're trying to drive it to Compliance and if they're not complying With the laws you say the crypto Market Is Rife with non-compliance however Existing SEC rules make no sense for Blockchainbased companies and following Them but actually k these businesses Your regulatory style lacks flexibility And nuance and as a result you've been An incompetent cop on the beat doing Nothing to protect everyday American and Starting today coinbase rolling out Support for the lightning Network Enabling instant lowcost Bitcoin Transfers the point is my friends

Despite this volatility the industry is Moving forward in a big way Cryptocurrency is the future I mean Bitcoin and crypto did rally hard Throughout 2023 and 2024 so this is part For the course stick with crypto now is The time to really dive in now that People aren't ecstatic now that it's not Frothy now is the time to get serious About crypto and prepare for the next 9 To 11 months which should be the best of The cycle my name is Aaron at altcoin Daily subscribe to the channel see you Tomorrow