Bitcoin has faced several challenges over the past week, as the price of this cryptocurrency has not seen any significant breakthroughs. Some analysts suggest that the latest price decline could indicate a potential drop to $60,000 for BTC.
Bitcoin's Struggle to Break Out
Data from CoinMarketCap shows that the price of BTC has only fluctuated slightly over the past seven days, with a modest increase of 2%. At the time of writing, Bitcoin is trading at $96,158.09, with a market capitalization exceeding $1.9 trillion.
Cryptocurrency analyst Ali shared a series of interesting predictions on Twitter, one of which is Peter Brandt's prediction that BTC may soon break out of an expanding triangle pattern, forecasting a price retracement to the $70,000 area.
Where is Bitcoin Heading?
AMBCrypto has analyzed the king coin's on-chain data to determine the likelihood of it dropping back to $60,000. According to Glassnode, the market bottom for BTC is above $60,000.
The Pi Cycle Top indicator suggests that the potential market bottom for BTC could be $78,000, while the potential market top could be near $132,000. Currently, the price of BTC is in a neutral zone, according to the fear and greed index, indicating that the price of this cryptocurrency could fluctuate in either direction.
Ali Martinez tweeted about a potential buy signal on the hourly Bitcoin chart, indicating that the price will recover. However, upon further examination of the daily BTC chart, we see a bearish advantage in the market, as the MACD technical indicator suggests. This could lead to a price correction, potentially pushing the price of this cryptocurrency back to $60,000.
Nonetheless, the Chaikin Money Flow (CMF) shows a slight increase, indicating rising buying pressure and potential upward trend. Increased buying pressure often signals the possibility of price increases.
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