Market sentiment remains divided over Bitcoin’s next move, with top traders sharing views on where the leading crypto heads next.
Tweets from top market commentators have fueled discussions about potential downside risks despite optimism about its long-term growth. A closer look at Bitcoin’s current market structure provides further insight.
What you'll learn 👉
Analysts Predict Divergent Scenarios for Bitcoin
Crypto analyst Ali (@ali_charts) recently shared perspectives from renowned market commentators on X. His tweet thread suggests that Bitcoin could see a drop to $60k under certain conditions.
Trader @ToneVays expressed concerns about Bitcoin trading below $95,000, indicating that such levels could increase the likelihood of a correction to $73,000. Similarly, @PeterLBrandt warned of a possible breakdown from a broadening triangle pattern, projecting a retracement to $70,000.
Meanwhile, @fundstrat sees a path for Bitcoin to reach $250,000 by 2025, but only after a potential downswing. Supporting this view, @MarkNewtonCMT identified $60,000 as a possible interim target. Finally, @intocryptoverse suggested Bitcoin might mimic the price action of the Nasdaq QQQ, implying a flash crash to $60,000 around a key political event.
Daily Chart Analysis Reveals Bearish and Neutral Signals
Bitcoin’s daily chart offers mixed signals that support the possibility of further price swings. The market is in a consolidation, with less volatility and indecision driving the trend, according to readings of Bollinger Bands, MACD, and RSI indicators.
Bitcoin trades near the midline of the Bollinger Bands, reflecting neutral momentum. However, the narrowing bands suggest the potential for a breakout or breakdown. The MACD line remains below the signal line, with the histogram in negative territory, indicating bearish momentum.
Nonetheless, the flattening histogram hints at a possible shift. The RSI stands at 47.58, reflecting neutral conditions, with no extreme overbought or oversold signals.
Read also: Expert Maps Stellar (XLM) Price Path to $1, But There’s a Catch
Support and Resistance Levels Shape Bitcoin’s Path
Key support for Bitcoin lies at $92,500, aligning with the lower Bollinger Band and recent lows. A further decline could bring $90k, a psychological barrier, into focus.
The $100k and $105k resistance levels continue to be a barrier to bullish momentum. It will be essential to keep an eye on volume spikes and price activity for indications of a clear move in either direction, as Bitcoin is stabilizing inside a small range.
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