Top Analyst Predicts Bitcoin Will Drop Below $61K, But There’s One Condition
Bitcoin’s recent rise to nearly $74,000 has been met with a significant pullback; It’s down about 8% to around $66,000. Notably, investor sentiment appears to be divided, as some are taking advantage of the profits while others remain cautious ahead of the Federal Open Market Committee’s (FOMC) policy rate decision next week.
Meanwhile, in this environment, popular analysts provided information about BTC’s potential price movements, key support and resistance levels.
Bitcoin Price May Face Further Declines
The recent pullback in Bitcoin price has sparked concerns among crypto market enthusiasts. Most of the major altcoins in particular followed Bitcoin’s price momentum, resulting in a massive sell-off in the crypto market.
Amid the uncertainties, leading crypto analysts offered important information about Bitcoin’s price in a recent X post. According to renowned crypto market analyst Ali Martinez, Bitcoin has formed a strong support range between $64,750 and $66,700.
Meanwhile, Martinez emphasizes the importance of monitoring this level closely, as a breach could lead to a slide towards the next important demand zone between $60,760 and $62,790. Conversely, Bitcoin faces formidable resistance between $70,180 and $71,340, supported by a significant number of addresses holding significant amounts of BTC.
Source: Ali Martinez, X
However, in another social media post, Martinez emphasized that the recent decline in Bitcoin price was a buying opportunity, echoing the optimism of other market experts who are eyeing a potential rally.
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Market Sentiment Amid Uncertainty and Halving Expectations
Another prominent analyst, Rekt Capital, offers a cautious perspective, arguing that Bitcoin is approaching the “Danger Zone” historically associated with pre-halving pullbacks. In a recent X post, Rekt Capital shared analysis showing that Bitcoin is poised to enter the “Danger Zone” in four days.
Meanwhile, he notes that previous data points to pullbacks of 20% in 2020 and 40% in 2016, occurring 14-28 days before the Bitcoin Halving. With Bitcoin currently about 32 days away from the event and having experienced an 11% pullback this week, investors are eagerly awaiting developments.
Source: Rekt Capital, X
However, despite the short-term fluctuations, many market experts remain optimistic with the prospects for the upcoming halving event. However, analysts warn against ignoring the potential impact of market dynamics and external factors on Bitcoin’s price trajectory.
Meanwhile, market participants remain cautious and closely monitor developments to gain insights into potential price movements as BTC approaches critical support and resistance levels. Whether Bitcoin falls below $61,000 or rises to new highs, the market continues to navigate with a mix of caution and expectation, seeking clarity on the evolving landscape of digital assets.
Notably, Bitcoin price traded at $67,684.23, down 7.11%, and trading volume increased by 91.21% to $85.58 billion. The crypto reached a low of $65,630.69 and a high of $73,063.22 in the last 24 hours, reflecting the volatile situation in the market.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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