Will Bitcoin Bears Pull It Down to $60,000? Analysts Predict Signs of Price Correction

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Recently, the price performance of Bitcoin (BTC) has been relatively weak, failing to break through key technical levels. Nevertheless, there are ongoing predictions in the market that BTC may correct to $60,000, but there are also some buy signals suggesting potential rebound opportunities.

Renowned analyst Peter Brandt mentioned that Bitcoin may soon break out of an expanding triangle structure, which typically leads to a price correction to the $70,000 region. Ali Martinez also believes, based on on-chain data, that the likelihood of Bitcoin correcting to $70,000 is high, especially after the price fell below $93,806, making a drop to $70,085 almost inevitable.

On the other hand, according to Glassnode data, the current bottom for the Bitcoin market is generally above $60,000, which means that even if a correction occurs, the price is unlikely to drop below that support level. The Pi Cycle Top indicator suggests that the potential bottom position for Bitcoin may be around $78,000, while the top could be close to $132,000.

From a technical chart perspective, Bitcoin's short-term trend still faces downward pressure. The MACD indicator shows bearish signals, which could lead to price adjustments, potentially bringing Bitcoin down to the $60,000 region. However, it is worth noting that the Chaikin Money Flow (CMF) indicator has shown a slight increase, indicating a rise in buying pressure, which provides potential support for a price rebound.

Despite the correction risk Bitcoin faces, the current technical signals also suggest that the market may still experience a rebound. If market sentiment improves, especially if the DXY (Dollar Index) pulls back slightly, Bitcoin could potentially break through the current technical resistance and resume its upward trend.

It is particularly important to note that although most short-term indicators are bearish, some key technical signals (such as the Chaikin Money Flow) indicate that buying pressure is gradually increasing. Therefore, investors need to closely monitor these signals to seize potential trading opportunities.

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