Analyst Says Danger Hasn’t Passed in Bitcoin, Shares What to Expect Next and Risks
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Bitcoin rebounded from earlier losses this week to rally 11% late Thursday, retracing most of its weekly decline. But the world’s largest cryptocurrency may not be out of the danger zone just yet, chartists say.
Bitcoin is coming off one of its most volatile weeks of the year as it continues to test a critical resistance level. After falling below $50,000 on Monday, Bitcoin is now trading just above $60,000, paring its weekly losses to 3%, according to data from Coin Metrics.
“Bitcoin was nicely oversold after it broke $53,000 on Monday, so there’s some relief,” Ron Ginsberg, chart analyst at Wolfe Research, said in an interview. “I always find it important to see how an asset responds to an oversold situation, because that’s what really matters.”
Ginsberg noted that if Bitcoin breaks past the current resistance level, it could be on track to test $70,000, potentially paving the way for new all-time highs. However, he also warned that if the rally stalls and Bitcoin fails to maintain its position above $60,000, a retest of this week’s lows could be imminent. In a worst-case scenario, Bitcoin could fall to $40,000.
