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One of them outlined what BTC has to do to avoid another breakdown.
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Summarize with AI
Summarize with AI
Bitcoin tried and failed at $76,000 last week and $72,000 a few days ago. It was rejected in its tracks at both attempts, and the Friday correction pushed it south to a four-week low of $65,500.
Although it has recovered some ground since then and currently trades above $66,000, most analysts on X believe the asset is not out of the woods yet and predict at least one more leg down.
Not Looking Great
Michaël van de Poppe was among the first to outline BTC’s fragile state, stating that “Bitcoin is not looking great.” In a recent post on X, MN Fund’s founder said the cryptocurrency is following a familiar pattern and will likely “hang here for a bit, before continuing to sweep the lows further down the line.”
He noted that the $60,000 support will come into focus, which would be his ideal area for opening long positions. Interestingly, another analyst, Jelle, recently noted that he would start buying BTC if it drops even further south, to around $50,000.
Van de Poppe, though, asserted that his theory will be invalidated if BTC rebounds decisively and breaks past $71,000, which will “clearly” change the perspective.
CryptoQuant also wrote about bitcoin’s potential bottom during this cycle recently, and concluded that “it’s still too early” to determine BTC has reached it. The analysts explained that “structural signals” that could solidify a conclusive transition from a medium- to long-term downtrend into an uptrend have yet to clearly emerge.
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Altcoin Sherpa’s opinion aligned with van den Poppe’s, suggesting that BTC could find some temporary relief, but it could “test the $62Ks eventually.”
Touched DCA Zone
While also weighing in on BTC’s recent price performance, Merlijn The Trader indicated that bitcoin has dropped and touched the lower boundary of the “DCA Zone.” History shows that the asset has not fallen to the lower region of the rainbow below for many years. And, when it has been within it, it has bounced by 100x in 2015, by 20x in 2019, and by 5x in 2023.
If it breaks below it now, it would be the first such instance in history, Merlijn explained. However, if it holds and rebounds, then the “expansion phase opens.”
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Source: https://cryptopotato.com/bitcoin-is-not-looking-great-why-top-analysts-are-warning-btc-could-plunge-further/
