bitcoin, the largest cryptocurrency asset, has shown considerable volatility, leading to several bearish sentiments regarding its price trajectory from market experts. After exploring the recent btc price action, popular cryptocurrency trader and expert, Titan of crypto, has x.com/Washigorira/status/1802357527708913731″ target=”_blank” rel=”noopener nofollow”>warned the community about an imminent downward correction for the digital asset.
Their observations indicate that there may be serious obstacles in the way of bitcoin, indicating crucial support levels that investors should monitor closely. Amid this negative outlook, the analyst identifies $58,800 as the next key support level to watch.
bitcoin primed for significant drop
This week started on a bearish note, causing major cryptocurrency assets like bitcoin to experience a drop due to a broader atmosphere of market uncertainty. As a result, Titan of crypto believes that btc could undergo a much deeper correction in the coming days.
According to the analyst, many are currently pointing out the two-month shooting star on the chart, which he mentioned more than six weeks ago. At that time, the expert predicted that btc could witness a drop to around $51,600 before gaining momentum to reach the $110,000 price level.
However, Titan of crypto hoped his observation was simply manipulation, although he noted that the 2-month chart has printed a candle reversing direction. With many pointing to the prediction, it might seem like the community is confident that this prediction has the potential to manifest in the near future.
Looking at the 3-month chart, the expert highlighted that it doesn't look as bad and is as significant as the 2-month chart. He further noted that higher relevance is likely to be associated with a longer time period. Because of this, he is confident that btc will fall, placing the next price target to watch at $58,800 for July 1.
Given the current state of the market, where every change could have a significant impact on the cryptocurrency landscape, Titan of crypto's assessment is especially crucial. For investors When trying to navigate the complexity of bitcoin market behavior, the analyst's identification of this crucial level and the possibility of a pullback is quite revealing.
Can Bulls Reignite btc Rally?
As bitcoin continues to face volatility, cryptocurrency expert crypto Jelle has x.com/CryptoJelleNL/status/1802584603003081033″ target=”_blank” rel=”noopener nofollow”>urged btc bulls wake up to help the coin regain its bullish momentum. crypto Jelle underlined that bitcoin price behavior over the weekend is typical and there are hardly any notable movements.
So far, the crypto asset has formed a bullish divergence and prices are trying to stay above $66,300. As a result, the analyst encouraged Bulls to enter the market and move btc back into the range.
Currently, btc is trading at $65,685, indicating a decline of approximately 1.16% over the past day. Its trading volume increased by more than 53% in the last day, demonstrating investor confidence despite the recent price decline.
Featured image from iStock, chart from Tradingview.com
