BTC ready to fall below 50,000? Analyst reveals 'surrender point': must go down first before rebounding above 80,000

Resident Editor
Sean
Financial 2024.10.11
Renowned Cryptocurrency analyst Cole Garner shared that although he believes BTC will 'Capitulation' in the short term, the full-scale Bull Market of this round has not yet begun. BTC will face 'Capitulation point'.

The originally considered to have the highest win rate in October, 'Uptober', has now been 11 days, and with BTC ($BTC) falling below $60,000 this morning, investors' confidence in BTCRebound seems to be wavering.

Recently, well-known cryptocurrency analyst Cole Garner pointed out on the social platform X (formerly Twitter) that BTC may first fall below $50,000, enter the so-called "surrender point", and then break through again to challenge the $80,000 or even $100,000 mark. This is a key signal before the bull market.

First of all, although BTC is expected to capitulate in the short term, Cole Garner still emphasizes that the overall bull market of this round has not yet begun. He observes that on-chain liquidity is gradually tightening, and points out that this is a prerequisite for the overall bull market. He believes that major central banks such as China, Japan, and the United States are increasing their currency supply, which helps to drive up the future price of BTC. However, as on-chain liquidity gradually decreases, BTC price may face significant downward pressure in the short term.

From the perspective of Stable Coin, Cole Garner has also observed a continuous decrease in the supply of Stable Coins such as $USDT and $USDC since the beginning of this month. Considering that the change in the supply of Stable Coins often leads the PA, this means that BTC may face downside risks in the short term. However, Cole Garner believes that as short-term holders gradually exit the market, the dumping pressure continues to ease, creating accumulation opportunities for long-term holders. Once these Tokens flow into 'stronger hands', market stability will be greatly improved. This process is generally referred to as 'turnover', indicating that BTC ($BTC) may be approaching the bottom of the price. According to the charts provided by Cole Garner, he believes that the bottom of BTC ($BTC) is in the range of $47,000 to $49,000, and after retracing this range, the next Rebound of BTC is expected to push the price to a high point of $100,000.

Technical Analysis: Rebound opportunity after short-term correction

In terms of Technical Analysis, Cryptocurrency trader Ash Crypto recently pointed out that BTC has broken out of the falling wedge pattern within the weekly range, and is currently in the process of retesting, which may imply a Rebound for BTC and a potential breakthrough of the current consolidation range. Another Cryptocurrency expert, Mike Alfred, urges investors to maintain confidence, as he believes that fluctuations in the price of BTC below $73,500 are essentially 'market noise': based on comprehensive analysis, there is a risk of a short-term fall in the price of BTC, possibly falling below $50,000, but this does not mean that the Bear Market is beginning. On the contrary, when BTC reaches a 'surrender point', a substantial price Rebound is likely to be seen, further breaking through the psychological barriers of $80,000 to $100,000.