Going forward, if bitcoin confirms a breakout, Soloway indicated a potential downside target.
Investors should be wary as stock market conditions begin to deteriorate. #BTC is definitely a risky asset. This means bitcoin will fall if investors feel fear. <... > If bitcoin confirms a breakout, the downside target will be at the $52,000 to $49,000 level.
In line with Soloway's prediction, Finbold reports that crypto analyst Ari Martinez is watching bitcoin's consolidation phase and advises investors to keep an eye on the $61,000 support level, and cites $72,400 as a key resistance level.
Currently, bitcoin's potential for significant growth depends largely on its ability to beat back the $65,000 resistance zone.
Meanwhile, investors are preparing for a bitcoin halving event, which will cut new #token supply in half. Historically, a halving event acts as a positive catalyst for prices.
However, doubts have arisen about the likelihood of a repeat of the halving event, especially given that bitcoin hit a record high prior to the halving event.
At the time of publishing this article, bitcoin was trading at $62,270, having recorded a correction of more than 1% in the last 24 hours. On the weekly chart, #BTC has declined by 8%.
Overall, recent short-term price movements have placed a significant responsibility on bitcoin bulls to keep the price above $60,000. A break below this critical level could send the #cryptocurrency tumbling.
Read us at: Compass Investments
