Analysts do not rule out the possibility of bitcoin price correction to $60,000; But there is also hope for a price increase.
Bitcoin faced challenges over the past week as its price failed to break through a key resistance level. Consequently, analysts believe that Bitcoin’s recent downward movement could indicate the potential for its price to drop back to $60,000.
Data from CoinMarketCap reveals that Bitcoin’s price has only slightly fluctuated over the last seven days, showing a modest 2% increase. At the time of writing, Bitcoin is trading at $94,501 with a market capitalization exceeding $1.8 trillion.
Following Bitcoin’s price movements, Martinez, a well-known crypto analyst, shared intriguing predictions in a tweet. One of these predictions came from Peter Brandt, CEO of LLC and a renowned cryptocurrency trader, who suggested that Bitcoin might be breaking out of an expanding triangle pattern, hinting at a possible return to the $70,000 range.
According to Martinez, from an on-chain perspective, a Bitcoin price correction to $70,000 is plausible, especially since below $93,806, there is an almost clear path down to $70,085. Analyzing Bitcoin’s on-chain data indicates the possibility of a drop to $60,000. Glassnode data suggests that Bitcoin’s market bottom has been higher than $60,000.
According to the Pi Cycle Top indicator, Bitcoin’s market bottom could potentially be around $78,000, while the possible market peak might approach $132,000. At the time of writing, Bitcoin’s price remains in the neutral zone according to the Fear and Greed Index. This indicates that the cryptocurrency’s price could move in either direction in the coming days or weeks.
