Will Bitcoin bears pull it down to $60,000? Analysts share signs of a possible pullback

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Currently, Bitcoin's price trend has attracted great attention from the market, and bearish sentiment may cause Bitcoin to pull back to $60,000 again. Although Bitcoin's recent price has fluctuated around $96,000 and has not seen a major breakthrough, the market's technical signals and on-chain data have prompted some possible signs of a price pullback.

Here are some key analyses and predictions:

Possibility of a price pullback to $70,000:

Peter Brandt predicts that Bitcoin may break out of an expanding triangle and pull back to about $70,000. He believes that once the price falls below $93,806, the target area of ​​$70,085 becomes relatively feasible.

According to on-chain data, Ali Martinez believes that a Bitcoin price pullback to $70,000 is possible, and this pullback may constitute a support area for the market.

Market bottom could be at $78,000:

The Pi Cycle Top indicator suggests that the possible market bottom for Bitcoin is around $78,000. This means that despite the correction pressure on Bitcoin, the price may not fall below this support level.

The indicator also points out that the possible market top for Bitcoin is at $132,000, indicating that the long-term bullish trend is still in place.

Bearish pressure and possible $60,000 correction:

According to the MACD technical indicator, Bitcoin is currently showing bearish signals, which could lead to a further correction to $60,000. However, the Chaikin Money Flow (CMF) indicator shows an increase in fund inflows, suggesting that buying has begun to increase, which may provide support to the price and prevent further declines.

Market Sentiment and Fear/Greed Index:

According to the current Fear and Greed Index, the market sentiment of Bitcoin is in the neutral zone. This means that the direction of price fluctuations in the short term is unclear and may go in any direction, depending on further market movements and macroeconomic conditions.

TD Sequential Buy Signal:

In the short term, the TD Sequential indicator has shown a buy signal on Bitcoin’s hourly chart, suggesting a possible rebound. Although bearish sentiment is strong in the market at present, this also indicates that a price reversal may occur in the short term.

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