Bitcoin $96,086 prices have started to gradually retrace their recent gains, leading to larger declines in altcoins. The cryptocurrency market’s focus is currently on Bitcoin’s potential to surpass the $70,000 mark. However, the emergence of lower local dips weakens this possibility. What are the expectations of experts in this context?
MASA and ETH Forecasts
The prolonged consolidation period is unfavorable for altcoins, with weaknesses in BTC prices supporting this trend. Michael Poppe, in a recent assessment, noted that the markets have been excessively dull due to ongoing consolidation. In the chart published for MASA Coin, he indicated that technical analysis expectations remain current and suggested that upward attempts may occur after this tedious movement.
Poppe aims for a potential drop to $0.055, with a rally continuing up to $0.115 once upward movement commences. If BTC does not experience excessive sell-offs, the declines in altcoins could present last buying opportunities before new peaks.
Crypto Tony shared insights on ETH, expressing a desire for the price to reclaim $2,850. He indicates that if Ether bulls can achieve this, it may encourage buying. According to his chart, the target for subsequent declines is the $2,190 region, a point that triggered significant gains in March after multiple tests.
What Will the Price of Bitcoin Drop To?
Titan Of Crypto shared his perspective on BTC today. In his Ichimoku cloud analysis, he mentioned that the support level between $65,000 and $64,000 could remain strong despite ongoing declines. BTC was attempting to break below $66,000 at the time of writing.
“Is a Bitcoin Bounce Coming? BTC is currently retesting the Tenkan and seeking to revalidate the delayed opening trend line and price as support. A bounce seems probable from here.
If Tenkan fails to hold, the next critical supports are the trend line and Kijun.”
In terms of news flow, there doesn’t appear to be any data this week that will trigger further declines. With upcoming elections, the strong potential for Harris to win does not bode well for cryptocurrencies.