As a seasoned crypto investor with a keen interest in following market trends and analyzing the insights of reputable crypto analysts, I share Josh’s perspective on Bitcoin’s current situation. The recent drop below the critical support level at $68,000 is concerning, especially given that this area has now become a significant resistance level.
Bitcoin has dipped below the significant support range of $67,000 to $68,000 after failing to surpass the resistance at $70,000. According to crypto expert Josh’s assessment, Bitcoin must regain this crucial support area soon or risk sliding into a downtrend.
Bitcoin Needs To Climb Above $68,000
In a recent YouTube video, Josh identified $68,000 as the key level for Bitcoin to surpass in order for it to regain its bullish momentum and potentially reach new highs around $72,000 to $74,000. However, since Bitcoin is currently trading below this mark, the region between $67,000 and $68,000 has become a significant resistance area that investors should keep an eye on in the near future.
If Bitcoin doesn’t manage to surpass the $68,000 mark soon, we may witness further short-term declines towards the range of $63,000 to $64,000. Josh, a crypto analyst, mentioned that this area holds significant trading activity. He also warned of a potential quick drop to $64,000 based on the volume profile indicator, indicating minimal traded volume between $66,000 and $64,000.
Josh proposed a possible situation where Bitcoin might reach approximately $67,000 to attract significant funds and close out short positions situated near that price range. He mentioned that this price point aligns with the resistance level between $67,000 and $68,000.
He cautioned that Bitcoin could see a brief rebound before being halted by the resistance point. Once more, he stated that Bitcoin must surpass the $68,000 threshold in order for the recent dip to be considered resolved.
A Massive Move On The Horizon For BTC
Examining Bitcoin’s chart over the past four days, Josh observed that the Bollinger Bands were growing increasingly constricted. This observation implied an impending “significant price shift” within the upcoming weeks, with potential volatility leading to a 20% to 35% swing in Bitcoin’s value.
In the long term perspective, Josh pointed out that Bitcoin’s price action remains lateral and contained within a significant consolidation period, which typically occurs during an extended bullish phase. Consequently, his analysis implies that Bitcoin has not yet reached its peak price despite the recent downward trend. According to forecasts from other crypto experts, such as CrediBULL Crypto, Bitcoin is projected to reach $100,000 during this market cycle.
As a crypto analyst, I’ve expressed similar concerns during this ongoing bull market. I predicted that Bitcoin might experience significant price declines to convince skeptics that the bull run has indeed ended, only for it to resume its upward trend once again.
Currently, Bitcoin is priced approximately at $65,400 during my writing process. However, its value has decreased by 1% within the past 24 hours based on information from CoinMarketCap.
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2024-06-18 21:04