Bitcoin, the largest cryptocurrency asset has been exhibiting considerable volatility, prompting several bearish sentiments regarding its price trajectory from market experts. After exploring BTC’s recent price action, popular cryptocurrency expert and trader, Titan of Crypto has warned the community about an impending downward correction for the digital asset.
His observations indicate that there may be serious obstacles in the way of Bitcoin, indicating crucial support levels that investors should keep a close eye on. Amidst this negative outlook, the analyst identifies $58,800 as the next key support level to watch.
Bitcoin Poised For Significant Decline
This week opened on a bearish note, causing major cryptocurrency assets like Bitcoin to experience a drop due to a broader atmosphere of uncertainty in the market. As a result, Titan of Crypto believes that BTC could undergo a much deeper correction in the upcoming days.
According to the analyst, the two-month chart shooting star, which he mentioned more than six weeks ago, is currently being pointed out by many. At the time, the expert predicted that BTC could witness a decline to about $51,600 before gaining momentum to pursue the $110,000 price level.
However, Titan of Crypto hoped his observation was merely a manipulation while noting the 2-month chart has printed a candle that reverses direction. With many pointing out the prediction, it might seem the community is confident that this prediction has the potential to manifest in the near future.
Observing the 3-month chart, the expert highlighted it does not appear too bad and is just as meaningful as the 2-month chart. He further noted it is likely that more relevance is associated with a longer timeframe. Due to this, he is confident that BTC will drop, placing the next price target to watch out for at $58,800 by the 1st of July.
Given the current state of the market, where every change might have a significant impact on the cryptocurrency landscape, Titan of Crypto’s evaluation is especially crucial. For investors attempting to navigate the complexity of Bitcoin’s market behavior, the analyst’s identification of this crucial level and the possibility of a pullback is quite insightful.
Can Bulls Reignite BTC’s Rally?
As Bitcoin continues to face volatility, cryptocurrency expert Crypto Jelle has urged BTC bulls to wake up, to help the coin regain its momentum on the upside. Crypto Jelle underscored that Bitcoin’s weekend price behavior is typical, and there are hardly notable moves.
Thus far, the crypto asset has formed a bullish divergence, and prices are attempting to stay above $66,300. As a result, the analyst encouraged the bulls to get into the market and move BTC back into the range.
Presently, BTC is trading at $65,685, indicating a decrease of about 1.16% in the past day. Its trading volume has increased by over 53% in the past day, demonstrating investors’ confidence despite the recent price decline.
Featured image from iStock, chart from Tradingview.com
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