Bitcoin [BTC] has faced challenges in recent days, with its price struggling to make significant gains. Some analysts suggest that the recent bearish movement in BTC’s price might indicate a possible drop back to $60,000.
Is Bitcoin Headed Towards $60K Again?
Data from CoinMarketCap shows that Bitcoin’s price has seen only marginal movements in the past week, increasing by a modest 2%. Currently, Bitcoin is trading at $96,158.09 with a market capitalization exceeding $1.9 trillion.
Following the price action, Ali, a renowned crypto analyst, shared predictions that caught attention. Peter Brandt’s suggestion of a breakdown from a broadening triangle pattern could lead to a retracement to around $70,000.
Another perspective from Martinez highlights a potential correction to $70,000, especially considering the lack of significant support levels between $93,806 and $70,085.
What Does the Future Hold for BTC?
An analysis of Bitcoin’s on-chain data by CryptoCrypto posed the question of whether Bitcoin might revisit $60,000. Data from Glassnode reveals that Bitcoin’s market bottom was above $60,000.
According to the Pi Cycle Top indicator, the likely market bottom for BTC is around $78,000, while the potential top could reach $132,000.
Currently, Bitcoin’s price remains neutral based on the fear and greed index, indicating uncertainty about its future direction in the short to medium term.
Meanwhile, Ali Martinez’s recent tweet hinted at a potential buy signal, noting a buy signal from the TD Sequential on the hourly Bitcoin chart, suggesting a forthcoming price rebound.
However, a closer look at Bitcoin’s daily chart reveals a bearish signal from the MACD technical indicator, hinting at a potential price correction back to $60,000.
Despite this bearish signal, there has been a slight uptick in the Chaikin Money Flow (CMF), indicating increasing buying pressure and the possibility of an upcoming uptrend. Rising buying pressure often signifies a potential price increase.