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.
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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.
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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.
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