Bitcoin’s recent surge to nearly $74,000 has been met with a significant pullback, dropping approximately 8% and hovering around the $66,000 mark. Notably, the investors’ sentiment appears divided as some capitalize on profits, while others tread cautiously ahead of the Federal Open Market Committee (FOMC) policy rates’ decision next week.
Meanwhile, amid this backdrop, popular analysts have provided insights into BTC’s potential price movements, key support, and resistance levels.
Bitcoin Price Might Face Further Decline
The recent retracement in Bitcoin price has sparked concerns among the crypto market enthusiasts. Notably, most of the major altcoins also followed Bitcoin’s price momentum, resulting in a massive sell-off in the crypto market.
Amid the uncertainties, prominent crypto analysts have offered key insights on Bitcoin’s price in a recent X post. Notably, according to renowned crypto market analyst Ali Martinez, Bitcoin has established a robust support range between $64,750 and $66,700.
Meanwhile, Martinez emphasizes the importance of monitoring this level closely, as a breach could lead to a shift towards the next significant demand zone between $60,760 and $62,790. Conversely, Bitcoin faces formidable resistance between $70,180 and $71,340, fortified by a substantial number of addresses holding significant BTC amounts.
However, in another social media post, Martinez emphasized the recent dip in Bitcoin’s price as a buying opportunity, echoing sentiments of optimism from other market pundits anticipating a potential rally.
Also Read: These Firms Are Behind Frequent Ethereum (ETH) Price Dump
Market Sentiment Amid Uncertainty & Halving Anticipation
Another notable analyst, Rekt Capital, presents a cautionary perspective, suggesting that Bitcoin is nearing the “Danger Zone” historically associated with pre-halving retraces. In a recent X post, Rekt Capital shared an analysis, which showed that Bitcoin is poised to enter the “Danger Zone” in four days.
Meanwhile, he notes that the previous data indicates retraces of 20% in 2020 and 40% in 2016, occurring 14-28 days before the Bitcoin Halving. With Bitcoin currently around 32 days away from the event and experiencing an 11% pullback this week, investors await developments eagerly.
However, despite short-term fluctuations, several market pundits remain optimistic, fueled by anticipation over the upcoming halving event. However, analysts caution against overlooking the potential impact of market dynamics and external factors on Bitcoin’s price trajectory.
Meanwhile, as BTC approaches critical support and resistance levels, market participants remain vigilant, closely monitoring developments for insights into potential price movements. Whether Bitcoin dips below $61,000 or surges to new highs, the market continues to navigate with a blend of caution and anticipation, seeking clarity amid the evolving landscape of digital assets.
Notably, the Bitcoin price was down 7.11% and traded at $67,684.23 during writing, with its trading volume soaring 91.21% to $85.58 billion. The crypto has touched a low of $65,630.69 and a high of $73,063.22 in the last 24 hours, reflecting the volatile condition in the market.
Also Read: NFPrompt Suffers Major Hack, FBI Steps In To Ensure User Safety
The post Top Analyst Predicts Bitcoin To Dip Below $61K, But There’s A Condition appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed