Bitcoin (BTC) surpassed $58,000 yesterday but turned downward today, returning to the $56,000 levels. Profit-taking during upward attempts is pushing the leading cryptocurrency to new lows. Let’s look at the current predictions of four different analysts. What awaits investors?
Cryptocurrency Analyst Comments
The best strategy for investors is to conduct their own research and make their own decisions. Accepting analyst opinions as forecasts and taking positions based on them can lead to losses. However, examining different analysts’ views on the markets can help identify unseen details from various perspectives.
Cryptocurrency analyst LSD starts by sharing the experts’ views from the past few hours. LSD, who shared the chart below, says that the consolidation below the resistance level supports the upward momentum. However, if the stagnation continues for a long time, the likelihood of a collapse will increase.
“Bitcoin’s price has been consolidating below the all-time high of 2021 for six months.
Typically, consolidation below a major resistance level indicates the formation of upward momentum. However, if this stagnant price action continues, the likelihood of a collapse increases.
The chart currently looks weak. I expect a move between 54K and 52K, and BTC needs to stay strong in this range. If the positive scenario occurs, I still target 80K. Invalidation would be any daily close below 50,600.
This period was all about consolidation, which was expected after such explosive growth earlier this year. But we all know what happens after consolidation. Keep an eye on these levels.”
Analyst Marco Johanning highlights the emergence of a short-term downtrend following the rejection at $58,000. His target, as previously stated, was a drop to $53,000. He recently wrote:
“Now, BTC was rejected at the 58K level, and the short-term downtrend is clearly defined. Since 54/53k has been my base scenario for a while, I am sticking to it for now. However, the current price action is designed to confuse everyone and is definitely more uncertain than usual. Once we exit this corrective range, easier times will return for all of us!”
Bitcoin Bull Target
An analyst known as Sina shared the following chart, stating that we will soon enter a major bullish phase based on historical data. We see similar charts from many analysts. These represent projections formed by adapting past growth rates to the present.
Similarly, John Osterman shared his chart targeting $500,000. The analyst believes that a new peak will be seen by 2026, after 1868 days.
