Analyst Warns of Potential Bearish Sentiment
TL;DR
- Some analysts are pointing to a potential bearish trend for Bitcoin, predicting a drop to as low as $59,000, suggesting that the cryptocurrency has reached the top of the cycle.
- Peter Schiff remains critical of BTC, identifying $60,000 as the key resistance level and warning of a serious potential decline if it is not overcome.
Bitcoin’s price has been hovering around $64,000-$67,000 for the past few days and is currently trading at the lowest level. While the majority of industry participants remain optimistic that a significant rally is just behind last week’s halving, some analysts have predicted some decline.
An example is the most popular X user Ali Martinez perceived Two sell signals on BTC’s 12-hour chart: “A death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequence.”
He believes that a further decline below $63,300 could trigger the price to drop to $61,000 or even a two-month low of $59,000.
Another trader who presents a worrying scenario for BTC bulls is Mikybull Crypto. The analyst assumed that the leading digital asset had reached the top of its cycle and expected a pullback in price after that.
Ultimate Bear#Bitcoin It doesn’t look very good here
I’m afraid the top of the bike pic.twitter.com/kAEMvc7egt
— MikybullCrypto (@MikybullCrypto) April 25, 2024
When talking about people who believe that the value of BTC is on the verge of decline, Peter Schiff should be mentioned. Last, American stockbroker (who among cryptocurrency’s harshest critics) requested He noted that the asset’s current state “doesn’t look good for HODLers.” Sets the $60,000 level mother resistance zoneorBTC is heading for a “long decline.”
This is not the first time When Schiff predicted a grim future cryptocurrency. Last year he predicted that BTC would rise request It will end when the US SEC approves the first spot Bitcoin ETFs in the world’s largest economy.
Remember the regulator I put my thumb up when in january price of asset It was hovering around $46,000. BTC drew a chart 40% increase since then.
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers on Bybit: Use this link to sign up for Bybit Exchange for free and open a $500 BTC-USDT position!
#Analyst #Warns #Potential #Bearish #Sentiment