Title: Three Top Analysts Share Their Bitcoin (BTC) Price Predictions
Bitcoin, the world’s largest cryptocurrency, has once again surpassed the $60,000 mark after experiencing a dip below this level for the first time since May 3. In light of this recovery, three prominent analysts have shared their insights on what lies ahead for Bitcoin’s price.
Despite the recent rebound, chart analysts caution that there are no clear buying signals at the moment. They suggest that Bitcoin could potentially face another decline from its current levels, which could be more detrimental. Ari Wald, an analyst at Oppenheimer, points out that the moderation in Bitcoin’s price has persisted since March, and if it fails to hold above the $66,000 resistance, it may come under further pressure.
Since mid-March, Bitcoin has been trading within a narrow range of $60,000 to $70,000, following its all-time high. The current market conditions are characterized by a lack of short-term catalysts, low demand for Bitcoin ETFs, and miners selling their Bitcoin holdings.
Wald further adds that if Bitcoin fails to maintain support at $57,000, the next significant downside level could be around $49,000. David Keller, the chief market strategist at StockCharts.com, shares a similar sentiment, suggesting that Bitcoin’s next support level is around $58,000, with a potential decline to the range of $50,000 to $52,000.
Keller notes that historically, buyers tend to enter the market around the $60,000 mark, and given Bitcoin’s tendency to find support at round numbers, it is reasonable to expect a price recovery. Tom Fitzpatrick from RJ O’Brien identifies a major support level for Bitcoin at $56,527, along with a potential double-top neckline, which is a bearish chart formation consisting of two tops on either side of a moderate decline.
Fitzpatrick warns that if Bitcoin breaches this neckline, it could lead to another decline of at least 22%, possibly even up to 29%. However, Wald emphasizes the strength of the current support level at $57,500 and the 200-day moving average. Until the neckline is breached, he remains with the trend and assumes that the rising 200-day average will hold. He also points out that the upward movement in the NASDAQ-100 indicates a positive risk tolerance.
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