Bitcoin Could Go This Low! Analysts Highlight Key Levels

Bitcoin's price is on a downward trend, dropping 1.5% intraday and 7.65% over the past week to hit $62,130 on June 24. Indicators suggest more declines may be ahead.

Bitcoin has been moving within a descending parallel channel since its March 2024 peak of around $74,000. After hitting the upper trendline at $72,000 two weeks ago, BTC is now heading toward the lower trendline, aligning with the psychological support level of $60,000.

The $60,000 target is near Bitcoin's 200-day EMA at $58,000, increasing the likelihood of reaching this range in July.

Key Analyst Predictions

- Teddy Cleps: Predicts a slide toward $61,000, the 21-weekly EMA, which has historically acted as support.

- Michael Novogratz: Foresees Bitcoin trading between $55,000 and $75,000 through Q2 2024, driven by economic factors and market events post-stagnation.

- Markus Thielen: Sees potential for a decline to $50,000, citing a double-top pattern that could break below support levels.

Bullish Scenario: Potential Rally to $88,000

Despite bearish signals, the descending channel also resembles a bull flag pattern. If BTC breaks above the upper trendline, it could target $88,000, a new record high, by July or August. Additionally, Bitcoin's daily RSI is at its most oversold level since August 2023, which might indicate an upcoming recovery.

What are your BTC price targets?

#BTC #bitcoin #CryptoPCEWatch #MtGoxJulyRepayments #Megadrop $BTC