What Next For Bitcoin?
With Bitcoin struggling to stay above $60,000, bearish sentiments are growing louder in the crypto community. Some predict that the leading cryptocurrency could soon fall to the $40,000 range. Crypto analyst CrediBULL Crypto stated that “there is still a lot that must be done” for Bitcoin to reach that level, implying it’s unlikely to happen in the near future.
He also provided insights into potential scenarios for Bitcoin at its current price. According to CrediBULL Crypto, Bitcoin might drop to around $58,000, maintain a higher low above $56,000, and then rebound. However, if Bitcoin falls below the $56,000 mark, it could drop to the $53,000 demand area.
Furthermore, the analyst suggested that if Bitcoin fails to stay above $53,000, the $40,000 range could become a possibility. Nevertheless, he believes this scenario is “the least likely to actually play out” and advised against giving it significant consideration at this time.