CandleFocus

Bitcoin price is set to 'crash and produce one major low'

Author: Content Editor
A cryptocurrency analyst has warned that Bitcoin is likely to experience a significant downturn and form a major low in the coming months. The analyst highlights technical challenges that Bitcoin has faced since reaching an all-time high in March and believes that unless key levels are reclaimed, the downward trend will continue. The analyst suggests that Bitcoin could potentially fall as low as the $30,000 range. However, there are two scenarios that could shift Bitcoin into bullish territory, including a breakout above $71,000 or the production of a new low with reduced selling volume and oversold indicators. The analyst notes that Bitcoin will need to show clearer signs of reversal before any optimism can take hold. Despite the bearish outlook for Bitcoin, the analyst believes that an opportunity might be opening in the altcoin market. Another expert states that Bitcoin is currently at a critical juncture and identifies the most critical support zone at $63,300, where a large accumulation of realized transactions occurred. Bitcoin was trading at $63,650 at the time of writing, reflecting gains in the last 24 hours. Overall, Bitcoin is showing a strong bullish trend as it sits above both the 50-day SMA and the 200-day SMA.

Related News