The price of Bitcoin (BTC) negatively surprised most of the cryptocurrency analysts who were predicting that the main crypto-asset on the market was ready to start an upward movement towards US$ 100,000.
This Tuesday (16), the price of BTC fell by around 8%, but kept its value above US$ 60 thousand.
Now, with this fix, analysts are split. And while they point out that the moment could indicate a new low that could take the cryptocurrency up to $54,000, there are also those who believe bulls could buy in the fall.
For Akash Girimath, from FXStreet, the fall cannot be understood as a broad correction. That’s because the BTC price has been trading sideways for days in the US range$60,018 and $65,567. However, the high narrative may have weakened a little.
In addition, the analyst stated that if the BTC produces a daily close below $60,018, it will completely invalidate the bullish thesis.
That move could further bring the cryptocurrency down to $56,004.
Bitcoin Price
However, analyst Sarah Tran highlights the exact opposite, pointing out that this corrective move gave the BTC a basis to launch new bullish momentum.
On the other hand, she ponders that the cryptoactive needs to break its sideways trading pattern and produce a daily close above $69,190 for confirmation of the uptrend.
“This will solidify the bullish outlook and push the BTC to the 161.8% Fibonacci extension level at $77,525. That rise would constitute a 17% rise and set a new record. In some cases, the BTC may extend this increase to $80,000,” he said.
She also pointed out that if support at $60,000 is broken, the BTC could start a bearish trend:
“Bitcoin price has immediate support at the 78.6% Fibonacci retracement level at $60,082. If selling pressure builds, the BTC could hit the Nov. 1 low of $59,440.”
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