Expert Warns of Impending Bitcoin Correction
As a crypto enthusiast, you may have noticed the recent volatility in Bitcoin’s price, which has sparked concerns among market experts about a potential downward trend. A well-known cryptocurrency analyst, Titan of Crypto, has issued a warning to the community, suggesting that BTC might be due for a correction soon. Here’s what you need to know:
- Titan of Crypto points out serious obstacles in Bitcoin’s path, signaling critical support levels
- He identifies $58,800 as the next key support level that investors should monitor closely
Bitcoin Poised For Significant Decline
This week began on a bearish note for major cryptocurrencies like Bitcoin, leading to a drop in prices amidst market uncertainty. Titan of Crypto believes that BTC could be on the verge of a more significant correction in the coming days:
- The analyst mentions the two-month chart shooting star pattern, which has been a point of discussion for over six weeks
- Previously, he forecasted a potential decline to $51,600 before a push towards $110,000
However, Titan of Crypto has expressed hope that his initial observation was a manipulation tactic and cautions that the 2-month chart is displaying a candle signaling a change in direction. Many in the community are now paying attention to this prediction, anticipating its possible realization soon.
Examining the 3-month chart, the expert suggests that it does not look too negative and holds significance similar to the 2-month chart. He posits that longer timeframes might offer more meaningful insights and predicts a drop in BTC with a target price of $58,800 by July 1st.
Can Bulls Reignite BTC’s Rally?
As Bitcoin grapples with volatility, another cryptocurrency expert, Crypto Jelle, has urged BTC bulls to take action and revitalize the coin’s upward momentum. Here’s a glimpse of what’s happening in the market:
- Crypto Jelle emphasizes the need for bullish activity to help Bitcoin regain its positive trajectory
- Bitcoin’s weekend price movements are described as typical with minimal notable shifts
- A bullish divergence has been observed, with prices struggling to stay above $66,300
Currently, BTC is trading at $65,685, showing a slight decrease over the past day. Despite this decline, trading volume has surged by more than 53%, indicating investor confidence in the market despite recent price fluctuations.
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