The Bitcoin price recently soared beyond $63,000 amid the rebound frenzy, however, analysts have expressed concerns regarding a minor correction to the $60,000 level.
HIGHLIGHTS
The Bitcoin price is currently sustaining above $63,000.
Crypto analysts have warned against a BTC dip to the $60,000 level.
However, numerous analysts are bullish on Bitcoin's long-term price trajectory.
Bitcoin (BTC) has just rebounded past $63,000 and has remained steady. However, the recent volatility has led to speculations around the Bitcoin price trajectory as some analysts have warned against an upcoming dip. Furthermore, there is a possibility that BTC could extend to the $60,000, however, analysts are also bullish on the long-term prospect of the crypto.
Will BTC Dip To $60,000?
According to Michaël van de Poppe, a popular crypto analyst, believes that the Bitcoin price has stabilized. However, he expects a small correction in the $60,000 and $61,000 range. He also noted that the BTC price bottom was hit ahead of the recent FOMC meeting as massive selloffs usually occur during that period.
Shedding light on the expected decline in the Bitcoin price, Poppe wrote, “Expecting a correction to $60-61K to hold and then a steady continuation within this range.” Whilst, other crypto analysts like Captain Faibik foresee a parabolic surge for Bitcoin. In a recent post on X, when Bitcoin was trading lower than $60,000, Faibik noted that a bounce back above $61,000 could lead to a bullish run.
He wrote, “Bitcoin bulls need to Surpass the $61k Resistance area to confirm an upside Breakout of the Wedge.” However, after surpassing this resistance level, the Bitcoin price should break above $64,000 to register the rally to a new all-time high. Faibik expects BTC to hit $78,000 after a successful breakout.
Currently, the Bitcoin RSI stands at 49, according to Trading View. This value indicates that the crypto is neither oversold or overbought. Hence, the market balance is maintained, which could be a good time to enter as well.
However, the risk of a short-term Bitcoin price correction isn’t ruled out since shorts are heading for a short squeeze. Nonetheless, bulls should look out for Bitcoin’s successful breakout from the $64,000 level for a parabolic run in the long-term. Moreover, Poppe’s analysis suggests that Bitcoin wouldn’t plunge below $60,000 even if there’s a correction, which is a bullish sign.
Bitcoin Price Sustains $63,000
After a rebound above $63,000, BTC has been sustaining the level. at the time of writing, the Bitcoin price was up by 1.06% to $63,704.62 on Sunday, May 5. Whilst, the trading volume for BTC slumped 39.27% to $19.73 billion in the past 24 hours.
Meanwhile, the crypto held a phenomenal market cap of $1.25 trillion. On the other hand, Bitcoin longs and shorts had a tough competition in the liquidation arena. According to Coinglass data, shorts dominated with $18.32 million liquidations while longs accounted for $9.67 million.
The short liquidations could lead to a short squeeze, potentially sending the Bitcoin price higher before a downfall. However, analysts suggest that BTC would stabilize around the $60,000 level despite a decline. Currently, BTC is experiencing a sideways action.
