Bitcoin
Will BTC drop to $60K again?
Bitcoin (BTC) has just recovered from $63,000 and remains stable. However, recent volatility has led to speculation surrounding the Bitcoin price trajectory, as some analysts warned against an imminent drop. Additionally, there is a possibility of BTC extending towards $60,000, however, analysts are also optimistic about the crypto’s long-term outlook.
Will BTC drop to $60,000?
According to Michaël van de Poppe, a popular crypto analyst, believes that the price of Bitcoin has stabilized. However, he expects a small correction in the $60,000 and $61,000 range. He also noted that BTC’s price floor was reached before the recent FOMC meeting as massive sales usually occur during this period.
Shedding light on the expected decline in Bitcoin price, Poppe wrote: “Expecting a correction to $60-61K and then a steady continuation within this range.” While other crypto analysts like Captain Faibik predict a parabolic rise for Bitcoin. In a recent post on X, when Bitcoin was trading below $60,000, Faibik noted that a rally above $61,000 could lead to a bull run.
Source: Captain Faibik | X
He wrote: “Bitcoin bulls need to overcome the $61K resistance area to confirm a positive wedge breakout.” However, after breaking through this resistance level, Bitcoin price must surpass $64,000 to register the rise to a new all-time high. Faibik expects BTC to reach $78,000 after a successful breakout.
Currently, Bitcoin’s RSI stands at 49, according to Trading view. This value indicates that the crypto is neither oversold nor overbought. Thus, the market balance is maintained, which can also be a good time to enter.
However, the risk of a short-term correction in the price of Bitcoin is not ruled out as short positions are heading towards a small pressure. However, bulls should watch out for Bitcoin’s successful breakout of the $64,000 level for a long-term parabolic run. Furthermore, Poppe’s analysis suggests that Bitcoin would not fall below $60,000 even if there was a correction, which is a bullish sign.
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Bitcoin price sustains $63,000
After a recovery above $63,000, BTC has been holding the level. At the time of writing, the Bitcoin Price rose 1.06% to $63,704.62 on Sunday, May 5th. Meanwhile, BTC trading volume fell 39.27% to $19.73 billion in the last 24 hours.
Meanwhile, the crypto held a phenomenal market cap of $1.25 trillion. On the other hand, Bitcoin long and short positions have seen fierce competition in the settlement arena. According to Currency Currency data, short positions dominated with liquidations of US$18.32 million, while long positions accounted for US$9.67 million.
Short liquidations could lead to a squeeze in selling, potentially driving up the price of Bitcoin before a crash. However, analysts suggest that BTC would stabilize around the $60,000 level despite a decline. Currently, BTC is experiencing sideways action.
Read too: Anthony Scaramucci and Peter Schiff discuss Bitcoin as a hedge against inflation