After hitting a weekly low of $65,500, Bitcoin (BTC) price has once again rebounded, showing a 3% increase in the last 24 hours. BTC attempted to rise above $67,000 once more. However, some analysts believe the correction may not be over and that the BTC price could fall below $60,000 before continuing its upward journey.
Bitcoin’s Path to a $100,000 Prediction
Popular cryptocurrency analyst IncomeSharks suggests that while Bitcoin‘s price continues in an upward broad channel as shown in the image below, it could pass through a smaller downward channel. This could mean that the BTC price might dip below $60,000 before continuing its rise to $100,000.
The analyst also notes that sell-offs can act as a catalyst for a rise, especially for experienced individuals who understand the trend of fear and doubt in the market. On the other hand, the funding rates for Bitcoin, the leading cryptocurrency, have risen to the highest levels seen since April 2021.
Santiment Data on Bitcoin
The last time Bitcoin funding rates were this high, the BTC price dropped by 50%. Meanwhile, Bitcoin ETF entries have also shown a decline this week, remaining at an average daily level of $100 million. According to on-chain data provider Santiment, there has been volatility in investor sentiment towards Bitcoin and the cryptocurrency market since the significant correction three weeks ago. Despite being only two weeks away from the Bitcoin halving, analysts’ sentiment points to FUD and a bearish trend.
Cryptocurrency prices temporarily returned to $69,000 on Thursday, but it is suggested that bulls should hope for the prevailing negative consensus to remain. Historical data indicates that markets tend to move contrary to investors’ expectations. Therefore, experts believe that some of the best times to buy may be when the majority doubts the possibility of a rally starting or continuing.
