Will Bitcoin shorts pull it down to $60,000? Analysts reveal potential pullback signals
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Recently, Bitcoin (BTC) has experienced relatively muted performance in price fluctuations, but the market still shows some buying signals. Although some analysts predict that the price may pull back to lower levels, especially in the $60,000 range, there are also experts who believe that BTC has the potential to rise.
Recent Bitcoin price trend analysis
Short-term price fluctuations: Over the past week, BTC's price fluctuated little, only rising by 2%. As of the time of writing, BTC's trading price is $96,158.09, with a market capitalization exceeding $1.9 trillion.
Market bottom prediction: According to Glassnode data, Bitcoin's market bottom remains above $60,000, showing strong support levels. Based on the Pi Cycle Top indicator, BTC's potential market bottom may be at $78,000, while the market top is close to $132,000.
Technical signals: Although the market shows some bearish sentiment in the short term, technical indicators like MACD indicate a bearish advantage, but Chaikin Money Flow (CMF) has shown an uptick, suggesting increased buying pressure, or indicating a potential rebound.
Risks and potential for Bitcoin
Pullback risk: Some cryptocurrency analysts, such as Peter Brandt, predict that Bitcoin may retract to the $70,000 range. This view is mainly based on Bitcoin's market structure and the expanding triangle pattern in technical charts.
Emergence of buying signals: Despite the increase in bearish sentiment, renowned analyst Ali Martinez noted that the TD Sequential indicates a buying signal on the hourly chart for Bitcoin, which may suggest there is a chance for a price rebound in the short term.
Neutral market sentiment: According to the Fear and Greed Index, Bitcoin's price is currently in a neutral zone, indicating that market sentiment does not clearly lean towards bulls or bears, and significant uncertainty remains regarding price fluctuations in the coming weeks.
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