The cryptocurrency market has been full of uncertainties lately. While Bitcoin and other cryptocurrencies are trending downward, investors are worried about the future. Famous technical analyst Titan of Crypto predicts further declines for BTC in this uncertain environment.
Bitcoin is struggling to stabilize at $57,000, and according to Titan of Crypto, the price shows no signs of recovery in the near future. The price could drop as low as $51,600 before the bulls take control. is foreseen. However, hope is not lost. It is stated that if the bulls can take control, Bitcoin may rise again and exceed $ 100,000. However, it may take more time and a significant price increase to reach this point.
Bitcoin closed its monthly candle below the critical $61,300 level that analysts are watching closely. This has many investors worried. In particular, chart data from the last two months shows an inverse candle, which is a bearish technical signal. However, Titan of Crypto emphasizes that a single retracement does not necessarily signal the end of the bull market.
Titan of Crypto notes that based on historical data, Bitcoin has returned to a key level during bull markets, often known as the ‘first stop’ in trading circles. This level usually coincides with the 38.2% Fibonacci retracement level. Currently, this level for Bitcoin is around $51,600.
According to the analyst, this correction level represents a natural point that could confirm the strength of the bull market. If Bitcoin bounces from this level, it could boost investor confidence and ensure a continuation of the 2024 bull run. On the other hand, a break below this point will result in a deeper contraction or a longer period of consolidation. Time will tell what will happen?
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