|

Bitcoin News

Bitcoin Dips but Analysts Stay Bullish on Long-Term Recovery

Author

Kayelee Rosales

Tags

Tags Bitcoin

Reading time

2 mins
Last update

Author

Kayelee Rosales

Tags

Bitcoin

Category

Bitcoin News

Reading time

2 mins
Last update

Author

Kayelee Rosales

Tags

Bitcoin

Reading time

2 mins
Last update

Join our growing community


Key Takeaways

  • Bitcoin’s price has dropped over 6% in the past week, falling below $65,000 for the first time in a month. This decline triggered liquidations in the crypto market.
  • Analysts are watching potential support levels around $64,100 where there’s a significant buying interest.
  • Not all analysts are bullish. Some emphasize the ongoing downtrend and believe a breakout is necessary for a price reversal. The market remains divided on Bitcoin’s short-term trajectory.

Bitcoin (BTC) continues its correction, dropping below $65,000 for the first time in a month. Despite the recent dip, many analysts remain optimistic about the leading cryptocurrency’s long-term prospects.

Price Pullback and Market Liquidations

Data shows that Bitcoin’s price has fallen over 6% in the past week, reaching a low of $64,237 on June 18th. This decline triggered liquidations across the crypto market, with more long positions being forced to sell than short positions. AD 4nXfcpPanrycptKIRHqq3XyO0VWp3M XZAmI3pf6Eoq4Lelan0V06SlALZiG IMJuaZjNRH2iy2p9ic6YBYLgi1qPVtxIT mD5TSO4y2CIBvuswwmp54xz3NX KwOSmBAGGHEIclItwnzbVYiehfru8WH py ?key= zF

Analyst Remains Optimistic Despite Downturn

Several analysts see this correction as a temporary setback. K33 Research highlights Bitcoin’s “mild and choppy” price action as a sign of consolidation, potentially leading to a breakout in the coming weeks. Others, point to technical indicators like ascending wedges and inverse head-and-shoulders patterns, suggesting potential price increases to $72,000 or even $100,000. 

image 6

Technical and Fundamental Analysis

Analysts are also keeping a close eye on potential support levels around $64,100, where a significant amount of buy orders are placed. Additionally, some analysts compare the current situation to the 2015-2017 bull run, where a similar pullback preceded a major price surge.

A Divided Market

While some analysts see a bullish future for Bitcoin, others remain cautious. Rekt Capital points out the ongoing downtrend and emphasizes the need for a breakout to initiate a price reversal. Ultimately, the market remains divided on Bitcoin’s short-term direction.

Investor Sentiment Remains Cautious

Investors are advised to carefully consider the latest market movements and expert opinions before making any investment decisions. With Bitcoin experiencing a correction and analysts offering mixed outlooks, staying informed is important in the developing cryptocurrency landscape.

Final Thoughts

Despite a recent price dip and market liquidations, Bitcoin’s long-term outlook remains cautiously optimistic. Some analysts view this as a temporary pullback, pointing to technical indicators suggesting a potential price surge ahead. Historical comparisons to past bull runs further fuel this optimism. 

However, not all analysts are convinced, highlighting the ongoing downtrend and the need for a breakout for a true reversal. Ultimately, the market is divided on Bitcoin’s short-term trajectory. Regardless of the expert predictions, investors are advised to stay informed and make cautious investment decisions due to the ever-changing cryptocurrency landscape.