Key Points
- Bitcoin’s price struggles might result in a drop to $60k, according to crypto analysts.
- A buy signal has appeared on Bitcoin’s chart despite bearish price action.
Bitcoin’s [BTC] recent performance has been lackluster, with no significant price breakout. Some analysts suggest that the bearish price action could indicate a potential drop to $60k.
Will Bitcoin Drop to $60k?
Data from CoinMarketCap shows a marginal movement in BTC’s price over the past week, with a modest 2% increase. Currently, Bitcoin is trading at $96,158.09, boasting a market capitalization exceeding $1.9 trillion.
Crypto analyst Ali’s tweet included several predictions, one of which from Peter Brandt suggested that BTC might break down from a broadening triangle, leading to a retracement towards the $70,000 zone.
Martinez also suggested that a Bitcoin price correction to $70,000 is plausible, particularly if it falls below $93,806.
Bitcoin’s Future Direction
AMBCrypto’s analysis of on-chain data indicates that BTC’s market bottom is higher than $60k. The Pi Cycle Top indicator suggests a possible market bottom at $78k and a potential market top near $132k.
Currently, BTC’s price is in a neutral zone as per the fear and greed index, implying potential movement in any direction in the near future.
Meanwhile, Martinez suggested a potential buy signal, with the TD Sequential presenting a buy signal on the Bitcoin hourly chart, indicating a possible price rebound.
Despite this, the MACD indicator on BTC’s daily chart shows a bearish advantage, which could lead to a price correction and a potential drop to $60k.
The Chaikin Money Flow (CMF) showed a minor increase, indicating an increase in buying pressure and a potential uptrend. Increased buying pressure often suggests a possible price hike.