As an experienced crypto analyst, I have seen numerous market fluctuations in the past few years. The latest Bitcoin price crash back to the $56,000 level after a brief pump following the CPI data release is a familiar pattern. However, it’s important to note that every market situation is unique, and we cannot rely solely on historical trends.
The price of Bitcoin retreated towards $56,000 following a short-lived surge caused by Thursday’s unexpectedly low 3% Consumer Price Index (CPI) reading. Despite efforts from bulls to sustain the rally, the downtrend persists. However, one crypto analyst remains skeptical and anticipates further declines in the near future.
Bitcoin Dump Far From Over
As a crypto investor closely monitoring the market trends on TradingView, I’ve noticed the bearish stance taken by an analyst under the pseudonym ‘Luca VIP.’ In his analysis, he explains that Bitcoin’s current price instability is due to it encountering resistance at the $59,000 mark after a significant price increase.
Due to the recent rejection, the cryptocurrency is now in a holding pattern, which could persist. Additionally, Bitcoin’s price has been trading laterally since its surge on Thursday, indicating that bearish forces remain dominant.
The crypto analyst anticipates a potential downtrend for Bitcoin, with prices possibly dipping as low as $56,000. However, it’s crucial to note that the significance lies in what transpires following the Bitcoin price reaching this projected support level.
I’ve noticed an intriguing development in the Bitcoin market trend, despite its recent downturn. Remarkably, the cryptocurrency’s price appears to have formed a distinct W-shaped pattern on the chart. Historically, such a pattern is considered bullish and typically precedes a significant price surge. Consequently, I anticipate a bullish reversal that could potentially push the Bitcoin price back towards the $59,000 mark. If this retest proves successful, I would then expect the crypto market to drive the Bitcoin price above $60,000 once more.
The crypto expert predicts that BTCUSDT could test the resistance area at $59,000 again. If this resistance is breached successfully, the price might surge towards higher goals, possibly reaching $60,000 or even surpassing it.
Despite the ongoing volatility in the Bitcoin market following its price drop, certain cryptocurrency experts advocate seizing the opportunity. One such anonymous analyst, known as ‘RLinda’ on TradingView, has expressed this viewpoint publicly.
As a crypto investor, I see the recent dip in Bitcoin’s price to $57,000 as an enticing opportunity for entry into the market. The persistent sell-offs have instilled fear among investors, but based on the analysis I’ve seen, we could be on the brink of renewing local highs for BTC.
Based on current data from the Crypto Fear & Greed Index, RLinda’s belief is reinforced as the index has moved into the “Extreme Fear” zone. According to historical patterns, this could be an opportune moment for entering the cryptocurrency market. It’s possible that prices may hover around current levels before eventually rebounding and gaining solid footing.
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2024-07-13 04:16