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Bitcoin (BTC) appears to be trying to make its gains above the $50,000 level permanent while continuing to target its all-time high of $69,000. Market participants seem to be split during this process. According to one analyst, Bitcoin could experience a sharp correction in the coming periods.
Analyst’s Bitcoin Commentary
Renowned crypto analyst Alan Santana suggested in a post dated February 16 that Bitcoin could face a significant drop after its recent price level of $52,000. The analyst also mentioned that $52,000 could be a temporary peak.
The analysis focused on Bitcoin setting a higher peak in its recent performance and reinforced a noticeable bearish divergence with the daily Relative Strength Index (RSI).
According to Santana’s analysis, the trading day on February 15th ended with a Doji candlestick formation, which indicates indecision, followed by a decline on February 16th.
Santana also highlighted another point, suggesting that the next drop could be imminent. Accordingly, he indicated that the drop could happen suddenly and with great intensity. According to Santana’s statement, a retracement to the $35,000 level for Bitcoin is also within the realm of possibility.
The middle of the range is around $35,000… The next support level was confirmed within the price range of $34,000 to $36,000. <…> Since the current wave has already expanded excessively, we can expect the next drop to occur suddenly and forcefully at any moment.
What Is Bitcoin’s Current Price?
Bitcoin recently retested the $52,000 level but failed to break through. Nevertheless, it seems to have regained a market value of $1 trillion.
These price levels emerged in a week when Bitcoin reported better-than-expected data. During this period, BTC’s price sharply rebounded from below the $50,000 level and eventually surpassed the critical $50,000 threshold clearly.
The influence of spot Bitcoin ETFs is also being discussed in Bitcoin’s current rise. According to some analysts and institutions, the inflow of liquidity from this direction is also pushing the market upwards.
A recent statement by analysts at Standard Chartered suggested that spot ETFs could attract an investment of between $50 billion and $100 billion to the sector solely in the year 2024.
While all this was happening, Bitcoin was trading at $51,300 as of the writing time on Saturday, with a daily loss of more than 1%. Despite this drop, BTC showed an increase of approximately 10% over the last seven days, pleasing investors.
