Key Points
- Bitcoin’s price is predicted to drop, with some analysts foreseeing a fall to $60k.
- A buy signal has been observed on Bitcoin’s chart, suggesting a potential price rebound.
Bitcoin [BTC] has been facing some challenges over the past week, with the cryptocurrency’s price failing to make a significant breakout. Several analysts suggest that the latest bearish price action could indicate a potential drop to $60k for BTC.
Bitcoin’s Struggle to Break Out
Data from CoinMarketCap shows that BTC’s price has only made a slight move in the past seven days, with a modest 2% increase. At the time of writing, Bitcoin was trading at $96,158.09, with a market capitalization exceeding $1.9 trillion.
Crypto analyst Ali shared a series of interesting predictions on Twitter, one of which from Peter Brandt suggested that BTC might be on the verge of a breakdown from a broadening triangle, projecting a retracement towards the $70,000 zone.
Where is Bitcoin Heading?
AMBCrypto analyzed the king coin’s on-chain data to determine the likelihood of it falling to $60k again. According to Glassnode, BTC’s market bottom was higher than $60k.
The Pi Cycle Top indicator suggested that BTC’s possible market bottom was at $78k, while the potential market top could be near $132k. Currently, BTC’s price is in the neutral zone, as per the fear and greed index, indicating that the coin’s price could move in any direction.
Ali Martinez posted a tweet indicating a potential buy signal on the Bitcoin hourly chart, suggesting a price rebound. However, a closer look at BTC’s daily chart revealed a bearish advantage in the market, as indicated by the technical indicator MACD. This could result in a price correction, potentially pushing the coin’s price to $60k again.
Despite this, the Chaikin Money Flow (CMF) showed a slight increase, indicating a rise in buying pressure and a potential uptrend. An increase in buying pressure often signals a possible price hike.
