The leading cryptocurrency, Bitcoin (BTC), is facing risks in the Middle East on the first trading day of June. This has pushed the price below $73,000, placing BTC at a critical juncture for the coming days.
Market predictions suggest the market could test the liquidity zone around $72,000, while US employment figures are also cited as a variable that will determine the short-term direction.
At this point, as analysts reveal their current predictions, popular analyst Benjamin Cowen expects Bitcoin to fall to the $70,000 level shortly, followed by a slight recovery.
Cowen, sharing his analysis from account X, stated that BTC’s recent erratic movements have made predictions difficult. However, the analyst also predicts that after the expected slight recovery, Bitcoin is likely to retest its February lows of this year.
“Bitcoin Hasn’t Hit Bottom Yet!”
In contrast, the analyst known as Doctor Profit predicts that Bitcoin will bottom out between $40,000 and $50,000. In an article published on X, the analyst stated that the current market is not yet ready for significant buying pressure or an upward reversal.
He stated that Bitcoin and the market were tired of sideways movements, signaling a typical capitulation phase. At this point, the analyst suggested that a drop below $60,000 would trigger the beginning of a full-scale capitulation. This situation could be further exacerbated by long-term investor selling, the collapse of an exchange or major institution, or an unexpected black swan event, leading to widespread market fear.
Consequently, the analyst predicted a typical capitulation phase would occur, with the ultimate bottoming out taking place between September and October of this year.
The analyst also added that he is still holding onto his short positions opened at the $120,000 and $80,500 levels and plans to hold them as long as BTC remains below $80,000.
What is Needed for Bitcoin to Rise?
Analyst Michael van de Poppe also stated that Bitcoin is at a critical juncture. In his article, Poppe X indicated that if BTC fails to hold the $71,000 support level, it could fall to the $61,000 to $65,000 range.
However, the analyst believes that a drop below $61,000 for BTC is unlikely. Conversely, if the $71,000 support level holds and BTC breaks through the $76,600 resistance, a strong uptrend and altcoin rally could be triggered.
Lastly, PlanB stated that he sees a probability of Bitcoin falling below $61,000 as being over 50%.
In his article for PlanB X, he stated that the market is currently divided between the view that the $60,000 level reached in February is the bottom and the belief that the bear market will continue. The analyst expressed his personal opinion that “the data does not yet show signs of a bottom formation.” He also added that he thinks there is more than a 50% probability that BTC will fall below $61,000 or $53,000.
*This is not investment advice.
Continue Reading: Bitcoin (BTC) Price at a Very Critical Junction! Expert Analysts Share Their Expected Levels and Predictions!