Bitcoin (BTC) has just rebounded above $63,000 and is holding steady. However, recent volatility has led to speculation over the trajectory of Bitcoin's price, with some analysts warning of a further decline. Additionally, while BTC could expand to his $60,000 mark, analysts are also bullish on the cryptocurrency's long-term outlook.
Will BTC fall to $60,000?
According to popular crypto analyst Michael van de Poppe, he believes the price of Bitcoin is stable. However, he expects a small correction in the range of $60,000 to $61,000. He also pointed out that BTC price bottomed out ahead of the recent FOMC meeting, as large declines typically occur during this period.
Highlighting the expected decline in Bitcoin prices, Poppe wrote, “We expect the correction from $60,000 to $61,000 to hold and a stable continuation within this range thereafter.” . Meanwhile, other crypto analysts like Captain Fibig are predicting a parabolic surge in Bitcoin. In a recent post on X, when Bitcoin was trading below $60,000, Fibig pointed out that a rebound above $61,000 could lead to a bull run.
“Bitcoin bulls need to break above the $61,000 resistance area to confirm an upward breakout of the wedge,” he wrote. However, after breaking this resistance level, Bitcoin price should break above $64,000 and hit a new all-time high. Fibig expects BTC to reach $78,000 after a successful breakout.
According to Trading View, Bitcoin's RSI is currently 49. This value indicates that the cryptocurrency is neither oversold nor overbought. Therefore, the market remains balanced and it may be a good time to enter.
However, the risk of a short-term Bitcoin price correction cannot be ruled out as shorts are heading towards a short squeeze. Nevertheless, bulls should note that Bitcoin will successfully break out from the $64,000 level for a long-term parabolic rise. Furthermore, Poppe’s analysis suggests that even with a correction, Bitcoin will not fall below $60,000, which is a bullish sign.
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Bitcoin price remains at $63,000
BTC is holding that level after rebounding above $63,000. At the time of writing, the Bitcoin price on Sunday, May 5th was up 1.06% to $63,704.62. Meanwhile, BTC trading volume decreased by 39.27% to $19.73 billion in the past 24 hours.
Meanwhile, cryptocurrencies had a staggering market capitalization of $1.25 trillion. Meanwhile, Bitcoin longs and shorts had a fierce competition in the liquidation space. According to Coinglass data, liquidations amounted to $18.32 million, with shorts accounting for the majority, while longs accounted for $9.67 million.
Short-term liquidations could lead to a short squeeze, which could cause Bitcoin prices to rise before falling. However, analysts suggest that even if Bitcoin falls, it will stabilize around the $60,000 level. Currently, BTC is experiencing sideways movement.
Also read: Anthony Scaramucci and Peter Schiff battle over Bitcoin as an inflation hedge
