Bitrabo Editorial
Bitcoin, the primary cryptocurrency, has been experiencing significant price swings, leading to various pessimistic views on its price direction from market professionals. Following an analysis of BTC’s recent price movements, well-known cryptocurrency expert and trader, Titan of Crypto, has alerted the community about a potential downward correction for the digital asset.
Highlighting potential hurdles for Bitcoin, the analyst has pinpointed crucial support levels that investors should monitor closely. Despite the negative forecast, he has identified $58,800 as the next important support level to observe.
Bitcoin Anticipated to See Substantial Drop
The week began on a bearish note, causing major cryptocurrencies like Bitcoin to undergo a decline due to an overall market environment filled with uncertainty. Titan of Crypto predicts that BTC might face a more significant correction in the coming days.
Referencing the two-month chart’s shooting star pattern, which was discussed over six weeks ago, many are now recognizing it. Back then, the expert foresaw a potential drop in BTC to around $51,600 before potentially reaching $110,000.
Despite initially considering his observation as perhaps manipulative, given the candle reversal on the 2-month chart, it seems the community is placing confidence in the potential realization of this prediction shortly.
Reviewing the 3-month chart, the analyst has indicated that the situation doesn’t look dire and is just as significant as the 2-month chart. Stressing the importance of a longer timeframe, he foresees a BTC drop, with the next key level to watch set at $58,800 by July 1st.
Given the current market landscape’s sensitivity to changes, Titan of Crypto’s assessment holds particular importance. For investors navigating Bitcoin’s complex market behavior, the analyst’s identification of this critical level and potential pullback offer valuable insights.
Can Bulls Revive BTC’s Upward Momentum?
Amidst Bitcoin’s ongoing volatility, cryptocurrency expert Crypto Jelle has called upon BTC bulls to take action to help the coin regain its upward momentum. Crypto Jelle emphasized that Bitcoin’s price behavior during the weekends is standard, with minimal notable movements.
Currently, the crypto asset has formed a bullish divergence, with prices striving to maintain levels above $66,300. Consequently, the analyst has urged bulls to engage in the market and propel BTC back into its trading range.
At present, BTC is trading at $65,685, marking a 1.16% decrease over the past day. Despite the recent price dip, its trading volume has surged by over 53% in the same period, showcasing investor confidence amidst the market fluctuations.