Wall Street Experts: Bitcoin Could Spike to $52,000 Next Week

▲ Bitcoin (BTC) plunge / ChatGPT-generated image

Despite strong holding by long-term investors who entered at the beginning of 2024, a pessimistic outlook has swept the market suggesting that Bitcoin (BTC) could plunge to $52,000 next week based on technical indicators.

According to cryptocurrency media outlet Cointelegraph on February 18 (local time), despite recent downward price pressure, buyers who entered in the first quarter of 2024 are holding onto their positions, preventing a sharp market collapse. On-chain analysis shows support forming around $63,000, the realized price of short-term investors, but if this level breaks, there is a high risk of large-scale sell-offs. While the patience of long-term holders remains a key pillar supporting the market, fears of further declines continue to weigh on the broader digital asset ecosystem.

Keith Alan, a virtual asset market analyst, warned that bearish signals currently appearing on Bitcoin’s chart could trigger a sharp drop to $52,000 next week. Alan explained that if Bitcoin fails to defend the psychological support level of $63,000, a liquidity gap to the downside could quickly drag prices lower. He added that the current weakening of buying pressure increases the likelihood of replicating past patterns of steep corrections.

Buy orders from whale investors are heavily concentrated in the low $50,000 range, well below the current price, intensifying short-term downward pressure. According to Santiment data, the market sentiment index remains below neutral, reflecting investor anxiety. The market value to realized value (MVRV) indicator also suggests that Bitcoin may need further correction before establishing a healthy foundation for a rebound.

Policy uncertainty under the Donald Trump administration and broader macroeconomic volatility are contributing to Bitcoin’s price uncertainty. With capital inflows through spot Bitcoin ETFs stagnating, retail investors’ concerns about a break below $60,000 have reached a peak. The market is closely watching whether Bitcoin can rebound from current support levels or enter a harsh downturn toward $52,000.

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