Bitfinex analysts argue that Bitcoin (BTC) price will rise above its August high of $65,200.
The recovery noise is growing in the crypto market, which is increasing along with the US Fed's interest rate cut. Crypto commentators believe that BTC price will continue to rise.
Pointing out that investors are acting out of fear of missing out on the upside, Bitfinex analysts warn of potential price volatility.
Analysts say the outlook remains bearish and the $65,200 level must be broken for the cycle to turn.
Analysts Assess Bitcoin's Progress
Bitfinex analysts claim that buying pressure in the cryptocurrency market has weakened and this situation suggests a short-term consolidation.
BTC has increased by 16% since the beginning of September. The price change does not please Bitfinex analysts. According to analysts, the increase is not enough to be happy.
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Highlighting the $65,200 level, analysts said:
âBTC price is about to hit a high of $65,200 on August 25. The reason why this level is important is because BTC has already hit an all-time high and has not been able to break any highs. âThis data fits the technical definition of a downtrend.â
As seen in the chart, the BTC price is falling with falling peaks. Analysts predict the downtrend will end with a break above the last peak of $65,200.
According to Coinalyze data, BTC trading has slowed down, hitting $64k. Commenting on the data, analysts said the following about the situation:
âIt is likely that BTC will consolidate (sideways) at current prices, just as the price will remain in a stable range after the spot ETF-triggered rally. Another reason to be cautious is that spot market buying has slowed down.â
Chart analysis predicts that if BTC fails to surpass $65,000, it could drop to $53,400.
