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Bitcoin‘s latest recovery has shifted focus to what the next step might be. According to experienced analyst Josh Olszewicz, despite the largest cryptocurrency recently surpassing the $64,000 threshold, it is still not out of the danger zone.
Bitcoin’s Decline Danger Not Yet Over
Olszewicz’s assumption is based on his analysis of the popular technical analysis indicator, the Ichimoku Cloud. Since the cloud is still red, the indicator shows that the downtrend continues despite the significant gains recorded by the largest cryptocurrency recently. Accordingly, Bitcoin is currently below the cloud, which acts as a key resistance level.
The analyst suggested combining the Ichimoku Cloud indicator with an inverse head and shoulders pattern to see if the current bullish momentum is strong enough to reverse the persistent downtrend and turn the cloud green. If the formation works, Bitcoin could turn the cloud green and secure its upward trend, continuing its journey upwards.
Previously, Olszewicz had identified the Tenkan/ Kijun crossover and successfully predicted major sell-offs last week by warning investors about a potential decline. The largest cryptocurrency was at a critical threshold due to macro-financial concerns and exits from spot Bitcoin ETFs in the USA.
On the other hand, Bitcoin enthusiast D.R. Lewis noted that the largest cryptocurrency formed a bullish candlestick pattern on its weekly chart, expecting a strong rally in the second half of the year.
Weekly Close Brings Hope to Investors
Bitcoin made a critical weekly candle close at 03:00 TSİ today, and according to data, this close was above the significant threshold of $64,000. Analysts focus on how this candle close is promising and signals that the bullish trend might continue.
As known, Bitcoin had recently experienced a significant price drop, falling to the $56,000 level. Since May 3, Bitcoin has managed to attract attention again with a strong recovery.
