Bitcoin (BTC) Price Correction: Analysts Eye $67K Support for a Potential Rally to This Next Target
Bitcoin’s (BTC) price action has sparked discussions among crypto analysts, as the asset experiences a pullback after breaking out from its trend. While some view this correction as a natural occurrence, traders are closely monitoring key support levels to gauge the potential for a continuation of the upward trajectory. Amidst the market dynamics, influential voices in the crypto space offer their insights, shedding light on the Bitcoin narrative.
RELATED: Bitcoin Price Analysis: Top Trader Warns of an Imminent BTC Correction – Here’s Their Outlook
What you'll learn 👉
Bitcoin (BTC) Price Analysis
Scient, a crypto analyst, described the Bitcoin price movements as a “normal pullback” post-trend breakout. He explained that the market is testing and flipping the 4-hour trend to the upside during this correction.
Scient highlighted that this drop necessitates further consolidation and potentially another low before an upward movement. He pinpointed the $67,000 to $67,700 range as crucial for bids, with stop-losses placed below the observable wicks.
Moreover, according to Scient, maintaining the $67,000 support level is vital for an upward continuation. Losing this support could lead to a decline towards the $65,000 mark, which may not hold, potentially driving the price back to the $60,000 range.
Echoing a slightly different sentiment, Crypto Feras emphasized that despite another rejection at the supply zone, the broader outlook remains unchanged. He stated that the $82,000 target is still plausible.
However, he underscored the importance of the $67,000 to $68,000 support zone for bulls to maintain their position. His advice was simple: “hold & chill,” suggesting patience and a long-term perspective amid short-term fluctuations.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Why is The Crypto Market Down?
BTC Price Prediction and Market sentiment
Adding another analysis, Mikybull Crypto identified the current market behavior as a “simple shake-out” rather than a cause for concern. He noted that the cup-and-handle price pattern remains intact, which is typically a bullish signal.
Nevertheless, he cautioned against leveraging until Bitcoin closes above the weekly resistance, indicating a more prudent approach for traders during this volatile period.
The consensus among these analysts highlights the significance of the $67,000 support level. Scient and Crypto Feras agree that holding this level is crucial for any upward movement. If this support fails, Scient predicts a fall to the $60K, while Crypto Feras maintains that the target of $82K is still viable, suggesting potential volatility ahead.
Join Aethir’s exclusive airdrop and earn badges by participating in events or holding community tokens. Complete tasks and secure your spot before the snapshot date is revealed!
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
