cryptocurrency

Why Top Analysts Warn BTC Could Jump Further

One of them explained what BTC should do to avoid another collapse.

Bitcoin tried and failed at $76,000 last week and $72,000 a few days ago. It was rejected on both tracks, and Friday’s correction pushed it south to a four-week low of $65,500.

Although it has gained some ground since then and is currently trading above $66,000, many analysts on X believe that the stock is not out of the woods yet and predict at least one leg down.

It doesn’t look good

Michaël van de Poppe was among the first to explain the fragile state of BTC, saying that “Bitcoin is not looking good.” In a recent letter to X, the founder of the MN Fund said that the cryptocurrency is following a general pattern and will probably “stay here for a while, before continuing to sweep very low down the line.”

He mentioned that the focus will be on the $60,000 support, which will be his ideal place to open long positions. Interestingly, another analyst, Jelle, recently commented that he will start buying BTC if it drops even further south, around $50,000.

Van de Poppe, however, asserted that his theory will be invalidated if BTC bounces back and breaks past $71,000, which will clearly “change” the outlook.

CryptoQuant also wrote about bitcoin’s potential lows during this cycle recently, and concluded that it is “too early” to determine where BTC has reached its peak. Analysts explain that the “structural signs” that could strengthen the overall transition from a medium- to long-term downtrend to an uptrend have not yet emerged clearly.

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Altcoin Sherpa’s opinion is aligned with that of van den Poppe, who suggests that BTC may experience temporary relief, but “could test $62Ks eventually.”

DCA Zone is contacted

While also measuring BTC’s recent price performance, Merlijn The Trader indicated that bitcoin has declined and touched the lower boundary of the “DCA Zone.” History shows that the commodity did not fall below the rainbow for many years. And, when it’s in it, it exploded 100x in 2015, 20x in 2019, and 5x in 2023.

If it breaks under it now, it would be the first such event in history, Merlijn explained. However, if it seizes and rebinds, the “expansion phase opens.”

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