Bitcoin price forecast Potential for further decline towards 60k as worries about death cross loom
The analyst on the Kyle Doops Show from Crypto Banter is currently expressing a bullish bias of 65% to 70% for Bitcoin, showing confidence in the market’s upward trajectory. The main focus is on surpassing the monthly high of $72,000, which could indicate further positive momentum.
Crucial 5-Day Candle Closure
With approximately 16 hours and 56 minutes remaining until the current 5-day candle closes on Bitcoin’s chart, the analyst highlights the significance of this event. Bitcoin has been attempting to break above $69,615 for 55 days without success, creating a tense situation with low volatility that could lead to a significant move – either a strong increase or a sharp decline, potentially down to $60,000. A close above $69,000 in this candle would be very bullish, while a failure to do so could result in a deeper decline.
Low Volatility and Potential Swings
Currently, volatility is at a low of 2.43%, a common occurrence before major price swings. Historically, price surges have occurred when volatility approaches 10%. Bitcoin has been in a correction phase for 91 days, the longest in this Bull Run. Failure to recover soon could prolong the correction into the third quarter of the year.
Current Price Levels and Technical Analysis
Based on Elliott Wave theory, Bitcoin is believed to be in Wave 4, likely around $56,000. Confirmation of the end of Wave 4 would come with a close above the high of Wave 3, signaling the beginning of Wave 5, which typically starts with low volatility before a significant upward movement. Wave 5 is anticipated to be an exciting phase, especially for altcoins, with multiple cycles within the overall bull market providing buying opportunities.
Bearish Signals and Key Support Levels
Bitcoin is currently hovering around the mid-range level of $67,500. A break above $73,000 would be considered bullish, while failing to hold above $69,000 could lead to short-term trading within a range, potentially dropping to around $63,000. Concerns are raised about a potential “death cross” formation, indicating bearish pressure unless Bitcoin can reclaim crucial levels. If support levels are breached, the next significant bounce level is expected to be around $63,000 to $64,500.
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