The new work week started with BTC trading 10% below its high. Against the backdrop of the fall realized by the coin, participants in the crypto community shared their forecasts.
We tell you what representatives of the crypto community expect from BTC and what levels, according to the authors of the forecasts, Bitcoin is aiming for.
What’s happening with Bitcoin
Bitcoin started the new working week trading 10% below its all-time high, recorded on March 14, 2024 at $73,750.
BTC reacted negatively to news about the unpreparedness of the American Federal Reserve move to lower the key interest rate. The changes could support investor demand for high-risk assets such as cryptocurrency.
Against the backdrop of Bitcoin’s negative reaction to the Fed’s decision, members of the crypto community shared their forecasts.
Bitcoin forecast
Trader Doctor Profit believesthat Bitcoin is in the long-term buy zone. He reminded subscribers that on the way to $70,000, BTC moved sideways and corrected many times. The trader considers this behavior of the asset to be normal.
When analyzing the prospects for BTC, he paid attention to the EMA50 (50-day exponential moving average), which is indicated by a yellow line on the chart. According to Doctor Profit, this indicator plays a decisive role in shaping the trajectory of the cryptocurrency.
At the beginning of the year, he outlined the range in which Bitcoin, in his opinion, would move sideways before continuing to rise. The upper limit of this range is between $72-73 thousand dollars, and the lower limit is between $56-57 thousand dollars.
Doctor Profit also draws attention to the emerging liquidity pool around $64,400. He urges not to panic if the price reaches this level, as such movements are planned by market participants.
The trader is confident that market makers are trying to wear down traders. Therefore, in his opinion, this week we should expect a continuation of the sideways movement similar to recent months. Doctor Profit encourages patience and being prepared for the moment when Bitcoin breaks out of the range and begins a new bullish cycle.
There are many optimists in the market. For example, a trader MMCrypto sees formation of a “bowl with handle” pattern on the Bitcoin chart. In his opinion, its completion could bring BTC to new highs. The trader calls the level of $120,000 the main target for Bitcoin.
Positive outlook for Bitcoin supported trader Kevin Swenson. In his opinion, the results of a technical analysis of the BTC chart indicate the potential for the cryptocurrency to soon grow.
To the optimists trader Jelle joined. He believes that a pattern is forming on the BTC chart, which indicates that the cryptocurrency is preparing to start growing. His Bitcoin price forecast does not rule out a move towards $100,000.
Signal to buy BTC amid falling cryptocurrency also indicated Ezy Bitcoin trader.
Crypto trader IncomeSharks, in turn, sees prospects for BTC to start growing only by the beginning of autumn.
Positively-minded members of the crypto community supported by Dave the Wave analyst. He noted that despite the realized fall, BTC still maintains important levels, a rebound from which helps the cryptocurrency maintain a positive movement.
However, there are also negative market participants. For example, trader Zoran Kole sees prospects for a further fall in BTC. His Bitcoin forecast does not rule out the cryptocurrency falling to $40,000 by the end of the summer.
Source: Cryptocurrency
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