Despite the heightened price volatility in the cryptocurrency market, BTC price is still trading under bearish sentiment, indicating that investor interest in BTC is fading. Moreover, the market leader is about to test its important $60,000 level with an uncertain outcome.
As the currency market trends develop, investors are concerned about the future prospects of BTC prices, asking questions such as “Will the Bitcoin price rise again?” and “How low will the Bitcoin price go?” Let’s get started, because in this article, we cover the short-term price analysis and possible targets of the star cryptocurrency.
Is BTC about to experience a major crash?
Bitcoin trading volume surged 131.32%, but its valuation fell 2.43% in the past 24 hours. In addition, the star coin fell 7.27% in the past week and its portfolio shrank by more than 11.50% in the past 30 days.
At the time of writing, Bitcoin is trading at $60,779.99 with a 24-hour trading volume of $42.33 billion, a market cap of $1.199 trillion, and 24-hour highs/lows of $62,900.83 and $58,601.70 respectively.
The technical indicator MACD shows that the red histogram continues to rise, indicating that the selling pressure in the cryptocurrency market is greater than the buying pressure. In addition, the average value on the 1D time frame is in a negative trend, highlighting the strong bearish sentiment towards the BTC token.
The relative strength index (RSI) has fallen sharply, breaking below the oversold territory. Moreover, the average continues to trend downward, suggesting that Bitcoin prices will continue to fall this week.
Will BTC price rise again?
If the market pushes the bitcoin price above the important resistance at $60,819.50, the bulls will regain momentum and prepare to test its overhead resistance at $67,775.
Sustaining prices at this level would set the stage for BTC to move towards its all-time high (ATH) of $73,750 in the coming period.
On the contrary, if the bears overwhelm the bulls, the star cryptocurrency will drop to the critical support level of $55,000 in the coming weeks.
Stages of the bull market:
Many people are anxious that the bull market is over and that the market will never come back. But I would say that the bull market is far from over and the Fed has not cut interest rates yet, so it is too early to say it is over. I can only recharge your faith.
A bull market can be roughly divided into four stages:
In the first stage, BTC will definitely rise first, driving a wave of capital inflows, but everyone feels that there is little innovation.
In the second stage, ETH began to lead the rise, driving a recovery in most VC coins.
In the third stage, the innovative application coins are increasing, and people start to discuss that this time is different and there is innovation.
The fourth stage is a time of chaos. VCs start to invest crazily and begin to believe that a new era has begun. This time the bull market will last forever. If you don’t run now, you will have to wait another four years.
At this moment, we are still going back and forth in the first stage. The only difference in this cycle is that the Bitcoin spot ETF has accelerated the rise of BTC and broke through the new high before the halving. The replica of history may not be exactly the same, but the cyclicality cannot be changed.
