You can also find out more about the following: Bitcoin price The price of gold has fallen back to $56,000 after the CPI release last Thursday. inflation rates came out at 3%This is lower than expected. Bulls have tried desperately to maintain the price, but this bearish trend continues. One crypto analyst still does not think that the price decline has ended and believes it will continue.
Bitcoins are still in a state of flux
A crypto analyst on the TradingView website, who goes by the pseudonym ‘Luca VIP,’ has expressed Bitcoin is expected to experience a downward trend in the future. Crypto analyst in the analysis points out the cause of the Bitcoin price fluctuation as the resistance level at $59,000 after the pump.
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This rejection has led to the current consolidation of cryptocurrency, and it is likely that this will continue. Furthermore, the BTC price The price is showing sideways behavior, even though the surge on Thursday was strong. This suggests the bears remain in full control.
A crypto analyst has also mapped out an possible downward trend, with the price dropping to as little as $56,000 by the time the drop is over. It’s what happens next that matters.
Luca explains how despite the decline in sales, the BTC price A W-pattern has appeared, which historically is a bullish one. This is a case where a bullish reversal This could cause a return to the level of $59,000. Crypto analyst believes that if the test is successful the Bitcoin will once again be above the $60,000 mark.
“BTCUSDT may retest the resistance zone at $59,000. A successful breakout above this level could push the price to higher targets, potentially around $60,000 or higher,” Crypto analyst:
When is the right time to buy Bitcoin?
The market has not recovered yet the Bitcoin price dipSome analysts in the crypto world believe this to be a great time. Another pseudonymous analyst who goes by ‘RLinda’ on the TradingView website shared Recently, this was the sentiment.
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Analysts say that the recent drop in price to $57,000 offers a chance to buy Bitcoin. This is especially true as fear has gripped the market due to the constant sell-offs. BTC is reportedly headed for a new high.
RLinda’s stance has been bolstered by her belief that she is a good person. Crypto Fear & Greed Index Extreme Fear has occurred, historically the most favorable time for cryptocurrency investors to position themselves. The price of bitcoin could be sideways before it finally finds strong support.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
