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The post <a href="https://coinpedia.org/news/analyst-explains-why-bitcoins-fall-to-50000-is-on-the-cards/">Analyst Explains Why Bitcoin’s Fall To $50,000 Is On The Cards</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
<a href="https://www.youtube.com/watch?v=XCWnvM_dRMA">Analyst Cheeky Crypto</a> recently shared a <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin price prediction</a> that might not be what everyone wants to hear. According to him, the charts indicate a bearish setup in the short term, with lower highs and lower lows. The analyst pointed out that the market is currently in a ranging phase, with a targeted range and a recent relief rally discussed. The analyst highlighted resistance around the $68,000 to $69,000 range, expressing uncertainty about reaching it.&nbsp; 
While the analyst views the current movement as a potential three-wave pattern, indicating a short-term correction followed by a medium-term pump towards $68,000, they warned that rejection at this level could lead to significant downside movement. 
The analyst stressed the importance of the 200-day exponential moving average (EMA), considering it a crucial indicator for Bitcoin’s health. The analyst explained that a breakout above $73,777 would invalidate the bearish structure, but if <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin</a> gets rejected at $68,000 to $69,000, they anticipate targeting the 200-day EMA, currently around $50,741. This could coincide with a price prediction ranging from $52,000 to $55,000, where the analyst expects to find support. 
Also Check Out : <a href="https://coinpedia.org/price-analysis/bitcoin-price-reclaims-66000will-this-validate-a-bullish-continuation-of-an-upside-move/">Bitcoin Price Reclaims $66,000:Will This Validate a Bullish Continuation of an Upside Move?</a> 
Although the analyst previously mentioned a $50,000 target, they noted that the prediction is evolving with each daily candle, as the 200-day EMA continues to rise. The analyst anticipates a temporary pump followed by a downturn, with the 200-day EMA acting as a key trend filter in the coming weeks. The stochastic RSI also indicates overbought conditions, hinting at a possible shift in momentum to the downside 
In addition, recent developments such as the approval of <a href="https://coinpedia.org/news/hong-kongs-bitcoin-etf-launch-raises-questions-as-analyst-predicts-limited-inflows-capped-at-500-million/">Bitcoin and Ethereum ETFs in Hong Kong</a> and potential fee reductions for the grayscale mini <a href="https://markets.coinpedia.org/bitcoin-etf/">Bitcoin spot ETF</a> could further support Bitcoin’s price in the future.&nbsp;

Analyst Explains Why Bitcoin’s Fall To $50,000 Is On The Cards

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