Crypto analyst Justin Bennett predicts that Bitcoin's price could retrace to $63,000 after its recent rally, which saw BTC hit a high of around $69,000, its peak since late July. Bennett mentioned on X (formerly Twitter) that a retest of $63,000 could occur as Bitcoin wipes out leveraged buyers. He pointed to a potential rising wedge pattern and bearish divergence, signaling a pullback to $63,276.
Bennett and fellow analyst CrediBULL Crypto both highlighted the surge in open interest (OI), which now surpasses the levels before Bitcoinâs last drop from $70,000 to $49,000. They both believe that this OI spike could lead to a price correction, with a potential drop to $50,000 before a new all-time high (ATH) above $73,000.
Despite these bearish predictions, other market experts remain bullish. Matt Hougan, CIO of Bitwise, and Standard Chartered have predicted that Bitcoin will reach a new ATH before the U.S. election. CryptoCon, another analyst, believes the bull run is about to begin, and suggests Bitcoin will not drop as low as $40,000 again. He also predicts a market top of $120,000 sometime next year based on Bitcoin's Price Oscillator.
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